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OPEC Committed to Providing Sufficient Supplies
Members of the Organisation of Petroleum Exporting Countries (OPEC) are committed to providing sufficient supplies to the oil market when needed, said Mohammed bin Dhaen Al Hameli, Minister of Energy of the United Arab Emirates, on Dec.3,2007.

Al Hameli, who is the current OPEC President, said in an interview with 'WAM' that the organisation's ministerial meeting, to be held on Wednesday in Abu Dhabi, will discuss supply and demand situation to decide the next step. He reiterated OPEC's endeavours to ensure a stable market.

"OPEC does not interfere in oil pricing. The prices are determined by the market factors and other factors such as speculations and geopolitical developments," he added.

He said that OPEC has a reserve capacity of 3.5 million bpd, adding that UAE's current output is 2.7 million bpd.

Asked about the forecast drop in oil demand next year, Al Hameli said: "all indications show growth rates in global economy in 2008 will remain the same and therefore, we expect the growth in oil demand to remain at its 2007 levels." Al Hameli said that OPEC ministerial meeting is held amid a volatile oil market. He added that Abu Dhabi had invited oil ministers of non-OPEC producing countries for talks and cooperation among producers to support market stability.(Emirates News Agency)




 

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