Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, emphasised that Russia has played a significant role in the oil market balance through its exemplary commitment to the production reduction agreement with the Organisation of Petroleum Exporting Countries, OPEC, for the third consecutive year.
In a statement to the Emirates News Agency, WAM, on the sidelines of the second day of the World Future Energy Summit in Abu Dhabi, Al Mazrouei said that the ministerial committee for production control will examine- at its meeting expected in February in Azerbaijan – the commitment to the agreed reduction rate between the OPEC member countries and the independent countries abroad, led by Russia.
He also pointed out that during this meeting, they will measure the impact of the reduction of production on the oil markets to ensure a balance between supply and demand.
Al Mazrouei stated that the oil markets are witnessing a gradual rebound, noting that the balance in production levels serves the oil producing and consuming countries.
He added that the recommendations of the third session of the World Future Energy Summit focused on the role of renewable energy in the Middle East, the development of global markets, challenges related to the expected growth and its impact on the oil markets, the diversification efforts of companies and energy-producing countries, as well as a focus on demand and innovation in energy in East and South Asia.
In December, OPEC and non-OPEC members agreed to work to jointly reduce crude oil production by 1.2 million barrels per day for the next six months to try to influence higher oil prices. OPEC will be responsible for reducing 0.8 million barrels per day. Participating non-OPEC members, of which Russia is the biggest producer, will reduce by 0.4 million barrels.