eseoulpost
BusinessWorld Business
World oil market may reach full stability in 2018: UAE Energy Minister
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2017.12.02  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

ABU DHABI, 2nd December, 2017 (WAM) -- The world oil market has the potential to reach full stability in 2018 as the level of inventories are expected to be reduced to a comfortable level, said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, ahead of the OPEC Ministerial Meeting in Vienna where it has been agreed to extend oil output cuts until the end of 2018.

In an interview with the Special Edition of the OPEC Bulletin prior to the first anniversary of OPEC and Non-OPEC 'Declaration of Cooperation', marked on 10th December, the minister said, ''For stability to happen, I think we need to consider renewing or extending the deal further and we need to see the same level of compliance achieved in 2017.''

The ‘Declaration of Cooperation’ was a landmark decision reached by 13 OPEC and 11 non-OPEC producers at the joint ministerial-level meeting in Vienna on 10th December 2016. OPEC and its allies outside the group agreed on 30th November to maintain oil production cuts until the end of 2018. A joint OPEC and non-OPEC communique said the next meeting in June 2018 would present an opportunity to adjust the agreement based on market conditions.

''The ‘Declaration of Corporation’ by OPEC and non-OPEC participating countries gave hope and stability to the market at a very critical time, especially when the non-OPEC oil producing countries showed commitment in compliance with the Declaration of Cooperation, even though this is the first time that they worked together with OPEC, which was a testimony to their responsible efforts toward market stability,'' said Al Mazrouei when asked about the importance of the ‘Declaration of Cooperation’ for medium- and long-term oil market prospects.

Replying to a question about how the oil market and the global economy would have been looking like today but for the deal, the UAE minister said, ''The market was at risk of staying imbalanced for a longer time in oversupply mode, which could lead to dropping of investors' confidence in the sector. That lack or delay of investment in the upstream oil sector could lead to another shortage of supply in the future when demand outpaces declining supply, which will lead to a sudden oil price hike that could slow down the world economy.

''Speaking about the 2016 ‘Declaration of Cooperation’, which brought 24 OPEC and non-OPEC producing nations together to adjust production, he stated that it was not only useful but necessary. ''The deal was a historical achievement for OPEC and the countries that joined it.

Together we demonstrated our commitment to market stability. The results of such cooperation benefitted the whole industry. Without that 24 countries alignment, it would have been difficult and unfair for OPEC countries to unilaterally adjust their production voluntarily.''Al Mazrouei was elected as president of the OPEC Conference for one year, with effect from 1st January 2018 during the OPEC Ministerial Meeting on November 30th.
 

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
ROC Envoy in Korea hosts gala reception to fete 107th Double Tenth National Day
2
President Tsai outlines strategies for Taiwan's sustainable survival
3
Abu Dhabi vying for 'World Capital of Sports' title
4
UAE, China explore prospects for joint investment in entrepreneurship and innovation
5
UAE model for tolerance, peaceful coexistence, cultural diversity: Chairman of the World Council of Muslim Communities
6
Abu Dhabi gathers agricultural sector leaders to address global food security challenges
7
President Tsai pledges to build a stronger Taiwan in National Day address
8
DXB to lead airport advertising revolution after Dubai Airports signs 10-year extension with JCDecaux
9
Taiwan-Vatican relations remain steady and positive: VP
10
UAE, South Korea discuss accelerating ties
Photo News Green Biz
Abu Dhabi hosts The First Regional Biodiversity Forum in the Gulf Region
Abu Dhabi hosts The First Regional...
min
Etihad ESCO plans to reduce more than one million tonnes of carbon dioxide by 2030
Etihad ESCO plans to reduce more t...
min
Sharjah Municipality, MOCCAE discuss cooperation to protect environment
Sharjah Municipality, MOCCAE discu...
min
Earth Hour 2018: Lights out across UAE as Earth Hour is marked
Earth Hour 2018: Lights out across...
min
Suqia plays key role in enhancing UAE's global efforts to address water challenges
Suqia plays key role in enhancing ...
min
Photo News Sports
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
(Asian Games) Koreas march together at opening ceremony
(Asian Games) Koreas march togethe...
min
FIFA Club World Cup UAE 2018 to boost nation's global sporting credentials
FIFA Club World Cup UAE 2018 to bo...
min
UAE gearing up for Asia's biggest football tournament
UAE gearing up for Asia's biggest ...
MIN
Taiwan blasts China for blocking Taichung games
Taiwan blasts China for blocking T...
min
S. Korean table tennis player savors 'historic' title with N. Korean partner
S. Korean table tennis player savo...
min
S. Korean golfer Kim Sei-young sets LPGA scoring records to win Thornberry Creek Classic
S. Korean golfer Kim Sei-young set...
min
Photo News World
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
(Asian Games) Koreas march together at opening ceremony
(Asian Games) Koreas march togethe...
min
FIFA Club World Cup UAE 2018 to boost nation's global sporting credentials
FIFA Club World Cup UAE 2018 to bo...
min
UAE gearing up for Asia's biggest football tournament
UAE gearing up for Asia's biggest ...
MIN
Taiwan blasts China for blocking Taichung games
Taiwan blasts China for blocking T...
min
S. Korean table tennis player savors 'historic' title with N. Korean partner
S. Korean table tennis player savo...
min
S. Korean golfer Kim Sei-young sets LPGA scoring records to win Thornberry Creek Classic
S. Korean golfer Kim Sei-young set...
min
Photo News Opinion
Moon says two Koreas will reach complete denuclearization
Moon says two Koreas will reach co...
min
Minister: S. Korea mulls lifting sanctions on N. Korea
Minister: S. Korea mulls lifting s...
min
S. Korea vows support for regions hit by slumping businesses
S. Korea vows support for regions ...
min
1,000 red fire ants found at storehouse in Ansan
1,000 red fire ants found at store...
min
Police arrest Sri Lankan suspect in connection with oil storage tank fire
Police arrest Sri Lankan suspect i...
min
Koreas hold first joint event to celebrate 2007 summit anniversary
Koreas hold first joint event to c...
min
Koreas hold high-level talks to discuss implementation of summit agreement
Koreas hold high-level talks to di...
min
Former President Lee gets 15 years in jail for corruption
Former President Lee gets 15 years...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com