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UAE Satisfied With OPEC's Market Share

UAE Satisfied With OPEC's Market ShareUAE Satisfied With OPEC's Market Share

The share of the Organization of Petroleum Exporting Countries in the oil market is at a suitable level, the UAE’s Energy Minister Suhail bin Mohammed Al-Mazroui said as the producer group continues to contend with low crude prices. "Regardless of the different views on the oil market, we see that the OPEC’s current market share is at a good level," Mazroui noted, Trade Arabia reported. Al-Mazroui also said he believed that any future decision on oil production would require full participation from all members of the organization plus other major producers. "We acknowledge and understand the market challenges, but in my view, the oil sector is resilient to overcome it and achieve stability soon," Al-Mazroui added without elaborating. OPEC members will meet on the sidelines of the International Energy Forum in Algeria in September 26-28. Saudi Arabian Energy Minister Khalid Al-Falih told Reuters last week that he does not believe significant intervention in oil markets is necessary at this time.

Financialtribune.com