Egyptian oil minister Tarek El Molla has emphasized his support for measures taken by the Organization of Petroleum Exporting Countries (OPEC) to stabilize the oil market, Egypt Oil & Gas reports.

The announcement was part of the minister’s speech following OPEC’s fourth ministerial meeting, which Egypt attended as an observer. The meeting took place in Vienna under the chairmanship of Emirati energy minister Suhail al Mazroui.

El Molla added that stabilizing oil prices presents the main challenge to oil-producing nations. He also praised the historically unprecedented agreement between OPEC and non-OPEC members to create equilibrium in the world petroleum market.

El Molla explained Egypt’s current economic strategy to the meeting’s attendees including floating the Egyptian pound, amending the taxation system and increasing the fuel prices. He also emphasized Egypt’s ambition to become a regional energy hub.