ECONOMY


'Oil prices dictated by market, not OPEC members,' UAE Minister and former OPEC Conference President

Baku, January 9, AZERTAC

Suhail Mohamed Faraj Al Mazrouei, UAE Minister of Energy and Industry, has said that OPEC and its members "don’t control" oil prices and that the market "dictates" them, according to the Emirates News Agency (WAM).

"What OPEC strives to achieve is a balanced oil market that is fair for both consumers and producers, and encourages the many trillions of dollars of investment that is needed to secure future production," he noted.

In an opinion piece written to mark the end of his tenure as President of the OPEC Conference, and to shed light on the organization’s achievements during 2018, the UAE Energy Minister highlighted that one of the most notable achievements of 2018 was undoubtedly the progress made in developing a charter between OPEC and its non-OPEC partners to continue collaborating in the years ahead.

He noted that this landmark pact was initialed in December at the 175th OPEC Conference, adding that this is an important step in a relationship that will continue to evolve and flourish into the future.

He also stated that the UAE has been a proud member of OPEC for over 50 years, and that by working with likeminded partners, both within and outside of the OPEC organization, the goal of a more stable, less volatile oil market can be pursued.

Reflecting back to December 2016 when OPEC and its partners signed the ‘Declaration of Cooperation’ - a voluntary agreement to adjust production levels and thereby remove excess inventory overhang – Al Mazrouei said that the organization’s goal was to deliver lasting and sustainable stability to the oil market in the interest of both producers and consumers.

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