ember countries at the Organization of the Petroleum Exporting Countries (OPEC), primarily the UAE and Saudi Arabia, are ready to meet the global market’s needs even after cutting crude supplies, said the UAE’s energy minister Suhail al-Mazrouei, who also doubles as president of the OPEC Conference in 2018.
The participating producing countries of the Declaration of Cooperation (DoC) will work on striking balance in oil global market, serving the interests of consumers, producers, the industry and global economy at large, Al Mazrouei added after the 11th meeting of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC).
“The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects, compliance levels as well as scenario analysis for 2019,” Al Mazrouei commented.
The minister expected the continuous of production cut, noting that that the oil industry needs more investments.
“Cooperation between OPEC and non-OPEC members will continue till 2020 to ensure a balanced oil market,” Al Mazrouei said.