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UAE OPEC Governor: 2016 witnessed various developments in history of oil industry

posted on 02/02/2017: 1498 views

Ahmed Mohammed Al Kaabi, the Energy Ministry's Assistant Under-Secretary for Oil, Gas and Mineral Resources and UAE Governor for the Organisation of Petroleum Exporting Countries, OPEC, has said that 2016 witnessed various developments in the history of the oil industry in the world, which in turn, will have a significant impact on global markets in the coming months.

In a statement to Emirates News Agency, WAM, Mr. Al Kaabi said that continuous cooperation and coordination between OPEC producing member countries and non-member countries helped to promote the spirit of optimism in global markets.

He said that last year witnessed unprecedented rounds of consultation between producing countries, adding that the Russian Federation participated actively in these rounds of talks.

He added that the spirit of cooperation and a sense of shared responsibility towards the international community and market stability is a sublime task in the way for achieving prosperity for all, hailing OPEC's vital role in regulating the supply in the market and agreeing on production ceiling of between 32.5 million bpd and 33.0 million bpd.

He noted that, for the first time in the history of OPEC, other non-member countries agreed, and were willing to contribute to, the reduction to restore balance in the oil market and to develop a clear roadmap and the way to restore the oil market balance. – Emirates News Agency, WAM -


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