The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger

OPEC chief urges continued efforts to maintain oil market stability

By: MENA
Sun, Sep. 23, 2018
ALGIERS - 23 September 2018: Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi urged continued efforts to maintain the stability of the oil market.

During the 10th Meeting of the Joint OPEC-Non-OPEC Ministerial Committee, the OPEC chief said the courageous efforts exerted by all parties will be decisive for the petroleum industry.

Meanwhile, UAE Minister of Energy and Industry Suhail Mohamed al Mazrouei said "Today, our industry is in a much healthier place than when the historic Algiers Meeting took place on 28 September 2016. Fundamentals are strong and we have seen a return of a greater degree of balance to the market. OPEC and its non-OPEC partners have demonstrated what can be achieved when working together. I’d like to commend all participating countries for their historic efforts in this regard."

"There is no doubt that this committee has played an important role in contributing to our many successes. Proper monitoring of conditions in the oil market is an essential component of transparent and effective work. The JMMC continues to fulfil its mandate commendably," he said.

"Despite our major achievements towards market stability, we face new uncertainties today. Many of these uncertainties are factors beyond our control; nevertheless, they need to be continuously monitored in order to build on the progress made to date," he added.

"In this regard, I hope we can continue our important discussions on further means of institutionalizing our cooperation. We are only seeing the beginning of all the great things we can accomplish when working together, in the interests of producers, consumers and the global economy," he said.
 
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