Egypt supports any procedures and initiatives taken to keep the global oil and gas market balanced, Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, stated during the ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC), Egypt Oil & Gas Reports.
EL Molla’s statement went on to highlight that balancing the market comes with mutual benefits for both producers and consumers alike, through having fair prices to ensure supplies and demand and to guarantee making profit on a regular basis in order to boost oil and gas investments.
Global oil and gas markets are regaining their balance gradually on a fast pace, El Molla said, adding that the main challenge now is to keep petroleum prices at a rate that can attract more investments to the industry as well as benefit from hidden reserves. He further added that it is also a challenge to have reasonable prices that are suitable to consuming countries; pointing out that facing these challenges is a joint responsibility between all industry contributors, especially they everyone was greatly pressured by the consecutive drops in oil and gas prices.
OPEC’s efforts, which came in coordination with major non-OPEC producers, plays a vital role in re-balancing the market, El Molla concluded, describing OPEC late 2016 decisions as historic. Egypt attended the meeting as an observer.