UAE Energy Minister says UAE and other OPEC members are committed to provide adequate crude supplies to consumers

Abu Dhabi: Suhail bin Mohammed Farad Faris Al Mazrouei, UAE Minister of Energy, on Monday said the UAE and all other members of the Organisation of the Petroleum Exporting Countries (OPEC) are committed to provide consumers with adequate crude supplies, and expected global oil demand to increase by 1 million barrels a day in 2014 noting that the major part of the expected increase in demand will be met by non-OPEC members. Minister Al Mazrouie, in a statement to WAM ahead of the OPEC ministerial meeting, in Vienna, said oil supplies of most consumer countries are still reasonable. Demand is not decreasing. But the OPEC meeting should watch markets closely to make sure the targeted balance is achieved." "The current levels of oil prices are reasonable and have not curbed economic growth in industrialised nations. These levels encourage investments in the oil sector thus contributing to making new oil supplies available on the market," added Minister Al Mazrouie . Al Mazrouie is leading the UAE delegation to the forthcoming OPEC meeting. The UAE delegation includes Dr. Ali Obaid Al Yabhouni, UAE Governor for OPEC, and other senior officials from the Ministry of Energy. At the OPEC meeting, members will discuss ways of maintaining the stability of global oil markets during winter. – Emirates News Agency, WAM