Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, has maintained that the Organisation of the Petroleum Exporting Countries, OPEC, will respond to any possible shortage of oil, if necessary, saying that the response will be within bloc’s capability.
In his remarks on the sidelines of the energy forum organised in New York University Abu Dhabi, Al Mazrouie said that there are “no signs” of a shortage in the oil supplies, and “we do not expect any shortage unless there is a major escalation.”
“I am not concerned about oil supply and demand as the market is well supplied and OPEC and its allies are able to meet global demand in case it is required and discussed by all parties,” he added.
OPEC Secretary-General, Mohammad Sanusi Barkindo said that Iraq continues to produce oil and its oil installations are safe. He also pointed out that the surplus production capacity of oil is between 3 million to 3.5 million barrels per day approximately.
He added that the expectations of global demand growth are at about one million barrels per day, and “this is not a cause for concern”. He stressed that OPEC and its allies continue to keep oil markets stable on a sustainable basis and this is a shared responsibility of all producers, including the US.