UAE committed to stable crude supply

The United Arab Emirates is committed to supporting OPEC maintain stable, cost effective and efficient crude supplies, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy has said.

Heading the country's delegation to OPEC's 168th ministerial meeting in Vienna, Al Mazrouei attributed the increase of crude supply over demand in 2014 to the 88% output increase by the non-OPEC producers.

"The move by many major companies to cancel production capacity expansion projects would create a balance in the supply and demand,” he added. Al Mazrouei predicted a growth in demand by1.3 mbpd in 2016.

"I am confident the market will stabilise in 2016,” he said.

The UAE delegation to the meeting included Abdul Hadi Abdul Wahid Al Khaja, UAE Ambassador to Austria and other officials from the energy ministry.
Source: WAM