The United Arab Emirates is committed to supporting OPEC maintain stable, cost effective and efficient crude supplies, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy has said.
Heading the country's delegation to OPEC's 168th ministerial meeting in Vienna, Al Mazrouei attributed the increase of crude supply over demand in 2014 to the 88% output increase by the non-OPEC producers.
"The move by many major companies to cancel production capacity expansion projects would create a balance in the supply and demand,” he added. Al Mazrouei predicted a growth in demand by1.3 mbpd in 2016.
"I am confident the market will stabilise in 2016,” he said.
The UAE delegation to the meeting included Abdul Hadi Abdul Wahid Al Khaja, UAE Ambassador to Austria and other officials from the energy ministry.
Source: WAM
GMT 13:33 2018 Saturday ,13 October
Putin reveals date for Belarusian nuclear power plant's first launchGMT 03:09 2018 Wednesday ,10 January
US energy watchdog rejects planGMT 19:21 2017 Monday ,30 October
Egypt made big strides in executive stepsGMT 18:14 2017 Thursday ,19 October
Nicaragua to sign Paris climate accordGMT 12:35 2017 Tuesday ,10 October
US to end Obama climate planGMT 05:27 2017 Thursday ,28 September
Mexico unlikely to find more survivorsGMT 04:28 2017 Thursday ,25 May
Approve coal-fired power plantsGMT 04:16 2017 Wednesday ,24 May
Bangladesh to impose carbon tax in JuneMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor