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Sun 28 Aug 2016 02:31 PM

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OPEC to achieve stability soon, says UAE’s Minister of Energy

Sector is resilient enough to overcome ‘market challenges’, says Al Mazrouei

OPEC to achieve stability soon, says UAE’s Minister of Energy
UAE Minister of Energy Suhail bin Mohammed Faraj Faris Al Mazrouei. (AFP/Getty Images)

OPEC’s oil-producing nations will overcome current ‘market challenges’ to achieve stability, according to the UAE’s Minister of Energy.

The organisation’s member countries are “at a good level despite different views on the oil market”, said Suhail bin Mohammed Faraj Faris Al Mazrouei, according to state news agency WAM.

Al Mazrouei  tweeted: "We acknowledge and understand the market challenges, but in my view our sector is resilient to overcome them and achieve stability soon. I believe that any future decision will require full participation from all OPEC members plus major oil producers.

"[The UAE] is putting action plans for an economy that will depend less on oil revenues, a plan that others can follow for sustainable economy for future generation."

OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 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.

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