UAE Minister of Energy says Opec market share ‘at a good level’

UAE Minister of Energy Suhail Al Mazrouei speaking at the UAE-UK Pioneers Forum in London. Stephen Lock for the National

Opec’s share of the oil market is at a good level, the UAE Minister of Energy Suhail Al Mazrouei 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 current market share is at a good level,” Mr Al Mazrouei said on his official Twitter account on Saturday.

He also said he believed that any future decision on oil production would require full participation from all members of Opec plus other major producers.

“We acknowledge and understand the market challenges, but in my view our sector is resilient to overcome it and achieve stability soon,” he added without elaborating.

UAE, with its leadership vision, is putting action plans for an economy that will depend less on oil revenues, a plan that others can follow

Opec members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on September 26 to 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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