UAE, Saudi oil ministers discuss oil market developments

Suhail Al Mazrouei, Minister of Energy, held a meeting with Khalid bin Abdulaziz Al Falih, Saudi Minister for Energy, Industry and Mineral Resources, in Astana, Kazakhstan’s capital, on the sidelines of the science and technology summit of the Islamic Cooperation Organisation.

The two ministers discussed the developments in the oil market and expressed their relief following the improvement in the market fundamentals, which have been accelerated owing to the mutual efforts of the OPEC member countries, along with oil producing countries, and non-members of the organisation, within the framework of Vienna co-operation declaration.

The UAE Minister of Energy stressed that Abu Dhabi National Oil Co (ADNOC) had reduced its crude oil allocations by 10 percent in September and October, and that it would notify its clients and the market of the actual changes in its shipment schedule on a monthly basis to prove its transparency and promote the credibility of the UAE, in terms of its commitment to the targeted oil production levels, as per the co-operation declaration.

Eng. Khalid Al Falih hailed the efforts of the UAE to rebalance the market.

Both ministers agreed that the extension of the Vienna agreement until after 31st March, 2018, would be discussed at the right time, as per the needs of the market fundamentals.

The two countries will continue to deepen and develop their scope of co-operation in a range of important areas, including conventional and renewable energy sectors.