Minister: UAE want to play a key role in stabilizing the oil market

Minister: UAE want to play a key role in stabilizing the oil market


UAE companies continue to invest in the sector, while international companies canceled their projects, said the Minister of energy of the UAE Suhail al-Mazrui. He noted that he hoped to stabilize oil prices in 2016.

ABU DHABI, 12 Nov. UAE intend to take on a key role in stabilizing the world oil market, said Minister of energy of the UAE Suhail al-Mazrui.

“The UAE will play a key role in stabilizing the energy market,” said al mazrouei, speaking at the international oil and gas conference ADIPEC-2015.

“(We — ed) continue to invest in the sector, while international companies canceled their projects. We must be ready to put on the market for those volumes of oil extraction in which we invest now, when it is needed to balance the market. This is the role of the leading oil producers like the UAE and Saudi Arabia,” — said the Minister.

He noted that he hoped to stabilize oil prices in 2016. “We want to be in the process of stabilizing the oil market was attended by all manufacturers (oil — ed.), we will do everything possible to stabilize our part, but alone can not cope,” — said al-mazrouei.

The OPEC Secretary General Abdullah al-Badri November 10 stated that the countries outside the cartel should cut oil supplies, OPEC will not allow the reduction of its stake below 40%. According to him, reduction of investments into the industry to $ 130 billion will help to lead to a rise in oil prices. However, the reduction in quotas by OPEC countries on 1,5 million barrels a day at a meeting on 4 December will help balance the oil market.