The UAE is committed to support OPEC and contribute to the stability of supply of the most efficient oil at low prices; the country has renewed its commitment to its partners, says a senior official.
His Excellency Suhail bin Mohammed Faraj Al Mazrouei, Minister of Energy, says, “OPEC’s report shows that the increase in production by non-OPEC members plummeted by 88 per cent in 2015, compared with the increase they made in 2014, which led to an increase in supply over demand.”
Al Mazrouei notes that the drop in prices led to the cancellation of many projects that increase production by international companies, which contributes positively to balance supply with demand, reports UAE-based Alittihad.
He adds that the growth in oil demand for 2016 is expected to be by 1.3 million barrels per day. The minister expressed his confidence in the ability of the market to stabilise in the next year, adding that all signs so far are positive.