Ahmed Al-Kaabi, the governor of UAE in OPEC to «Al Bayan» newspapers
Tuesday, November 20, 2018
H.E Ahmed Mohamed Al Kaabi, the UAE governor of the OPEC, has stressed that UAE is committed to any collective decision to reduce oil output at the Organization's meetings on December 6 in Vienna.
He confirmed the existence of a high probability at present time to reduce production compared to the past period. He pointed out that there was a preliminary agreement on reducing production, but the amount of reduction has not been determined so far, as the technical committee on control of production reduction is studying the market, and will raise its final recommended reduction quantities to Ministers ahead of the Vienna meeting.
In an interview with Al Bayan Al Iqtissadi H.E stressed that UAE is a main and key supporter of all efforts of the Organization and non-member countries to push the oil markets to stability.
He added that UAE has fully complied with the agreement to cut production during the past period, and it is a strong supporter of any work that supports OPEC and its decisions that target the stability of world markets. Also adding that UAE believes that long-term cooperation is absolutely necessary, especially as demand for oil and gas is increasing.
H.E noted also the importance of the flow of oil investments to world markets, which may help stabilize the markets in the short and long term.