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MediaIn – Abu Dhabi, February 17, 2018
The Minister of Energy and Industry Suhail Al Mazrouei said that the continuation of the Organization of Petroleum Exporting Countries (OPEC) in 2018 is the focus of our strategies and that providing a stable environment for the oil market is a top priority.
He said that the extension of the “Declaration of Cooperation” during the ministerial meetings held on 30 November 2017 on the reduction of production to 1.8 million barrels per day until the end of 2018 received the full support of the 24 member States of OPEC and non-member countries and participates in this agreement.
The commitment to reduce production amounted to 129 per cent in December 2017 and the commitment rate for the first year was 107 per cent.
He pointed out that the core efforts that have already contributed to the reduction of large quantities of global oil reserves as the global trade stock of the Organization for Economic Co-operation and Development has fallen by more than 220 million barrels since the beginning of 2017 compared to the rate of the previous five years.
“We will continue with our commitment to cut production as we still have more than 100 million barrels that we must remove from the market to reach the average global stock for five years target,” he said.
