UAE Committed To Stable Global Oil Supply’ – Energy Minister
UAE Minister of Energy Suhail Al Mazrouei has stressed that the UAE continues to carry out its plans to increase crude production to contribute towards stabilising global oil markets in addition to its plans to increase its refining capacity to meet increasing demand on derivatives.
speaking with Orient Energy Review on the sideline of the just concluded Abu Dhabi I nternational Petroleum Exhibition and Conference, ADIPEC, the Energy Minister said “As a member of the Organisation of the Petroleum Exporting Countries (Opec), the UAE is committed to fill shortages in global oil supplies should any member faces trouble in maintaining production levels,” the energy minister said.
He added that the UAE’s national oil companies seek to reduce production cost by increasing the efficiency of their operations. “The market will determine sustainable oil prices. Supply and demand will enforce the price that is good for producers,” he said.
He said, “Current data makes me optimistic enough to expect that in 2016 there will a gradual correction of prices.”
The UAE, the energy minister noted, benefited from falling oil prices to develop its economy by removing subsidies for petrol and diesel in August.