AL MAZROUEI lauded JMMC for compliance to Declaration of conformity for April 2019 as Highest

Media IN Jeddah 20-05-2019 / WAM

The Minister of Energy and Industry headed the delegation of the participating country in the 14th meeting of the Joint Ministerial Committee to monitor the reduction of production between the Organization of Petroleum Exporting Countries (OPEC) and the countries outside it, which was held in Jeddah, Saudi Arabia.

The meeting aims at discussing the situation of the international oil markets, following up the work of the committee and the results of its decisions in the previous technical meetings, and finding out and assessing the commitment of the OPEC countries and their partners to the decision to reduce production.

He stressed that the rate of commitment of OPEC and non-OPEC countries in the month of April reached 168%, which is considered the highest since the start of the agreement to reduce production in 2017.

He pointed out that the Joint Ministerial Committee should monitor the production and reduction agreement and requested the Joint Technical Committee and the OPEC Secretariat to continue monitoring and analyzing the developments of the oil markets, especially the movement of oil reserves and their forecasts in the short period to come out with recommendations supporting the decisions of ministerial meetings in OPEC and non-OPEC countries by June 2019.

The Minister of Energy and Industry stressed the importance of the stability of global markets, which help stimulate and attract investments in energy to ensure that the increasing demand will be met in the coming years.

The delegation of the UAE included the Governor of the United Arab Emirates in the Organization of Petroleum Exporting Countries (OPEC), the Consul General of the State in the National Representative to OPEC and the Director of the Office of the Minister