Media ININ Economy We Trust
Media In – Vienna 23 June 2018 / WAM /
Minister of Energy and Industry Suhail bin Mohammed Faraj Faris al-Mazroui, chairman of the current session of the Organization of Petroleum Exporting Countries (OPEC), said that the change in oil prices does not serve producers and consumers alike.
He pointed out that the UAE has continued its commitment to the agreement to cut production, where the reduction rate in May, about 109 percent, while the commitment rate of OPEC and non-member countries about 147 percent for the same month.
The Joint Ministerial Committee discussed a number of proposed scenarios to increase production in order to fill any projected supply shortfall resulting from increased demand, which could help address any concern of major consumers.
The Committee aims to work in an integrated manner with OPEC Member States and beyond as partners in sustainable development and global economic growth
