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UAE supports OPEC role in stabilising oil markets – official

The United Arab Emirates supports the role of the Organization of the Petroleum Exporting Countries (OPEC) in the stabilisation of oil markets, an official from the Gulf country’s energy ministry said on Monday.

 

“The UAE continues to strongly support the role of OPEC in the stabilisation of the oil market as we believe it continues to have a decisive role in protecting the interest of oil-producing countries,” Matar al-Neyadi, undersecretary for the Ministry of Energy, told a conference in Abu Dhabi.

 

Speaking at the same event, Abdullah Salem al-Dhaheri, the director of marketing and refining at Abu Dhabi National Oil Company (ADNOC) said oil markets will remain volatile in the short term but will regain their balance in the second half of this year.