ABU DHABI: The Organisation of the Petroleum Exporting Countries (OPEC) announced that its member countries are ready to meet global oil market needs in case of any politically-motivated fall in supply.
“The participating producing countries of the Declaration of Cooperation (DoC) will maintain their continuous efforts in pursuing a balanced and sustainably stable global oil market,” said Suhail bin Mohammed Faraj Faris Al Mazrouei, the United Arab Emirates (UAE) minister of energy and industry, and president of the OPEC conference in 2018.
The OPEC will continue serving the interests of consumers, producers, the industry and global economy at large, He said following the 11th meeting of the OPEC and Non-OPEC Joint Ministerial Monitoring Committee (JMMC) convened in Abu Dhabi.
The committee reviewed current oil supply and demand fundamentals, and noted that 2019 prospects point to higher supply growth than global requirements, taking into account current uncertainties.
It also noted that the dampening of global economic growth prospects, in addition to associated uncertainties, could have repercussions for global oil demand in 2019 and lead to widening the gap between supply and demand.
“Cooperation between OPEC and non-OPEC members will continue till 2020 to ensure a balanced oil market,” the minister said, adding that the oil industry needs more investments.
