HE Suhail Mohamed Faraj Al Mazrouei, UAE Minister of Energy and President of the OPEC Conference 2018, has announced that he is working to formalise the co-operation between OPEC and its non-OPEC allies
Speaking at the IP conference in London on 20 February, Al Mazrouei said he and the OPEC secretary general had an ‘aspiration’ to formalise a framework around the co-operation between the 24 OPEC and non-OPEC countries, which had contributed to stabilising the market.
“Both OPEC and non-OPEC participants in the ‘Declaration of co-operation have expressed support to look at ways and means to institutionalise this framework of co-operation. This will certainly be something I will focus on in 2018,” he said, adding that OPEC had started reaching out to other countries regarding their possible participation.
He highlighted the role of OPEC in balancing the market and enabling global economic growth, and commented that the forecast for 2018 is healthy.
“This year we expect to achieve balance of supply and demand as well as significant investments into the sector,” he said, adding that more than US$10 trillion investment would be needed up to 2040 to replace declining fields and maintain supply. “We need to start acting today,” he added, noting the five year lag between project approval and production.
“We as OPEC are keen to work with everyone, whether IOCs or shale oil producers, to ensure enough supply and to support world economic growth, as in the past,” he said.
