The United Arab Emirates expressed support for OPEC in maintaining stable, cost effective, and efficient crude supplies, UAE’s Minister of Energy, Suhail bin Mohammed Faraj Faris Al Mazrouei said at the OPEC summit in Vienna, the Emirates News Agency reported.
According to Al Mazrouei, the non-OPEC producers were responsible for the 88 % oil supply increase in 2014, however, he expressed confidence that the market would stabilize in 2016, predicting a growth in demand by 1.3 mb/d, if companies allowed for a balance between demand and supply by stopping their production expansion projects.
In related developments, Gulf News quoted UAE’s Minister of Economy, Sultan Bin Saeed Al Mansouri as saying that the national economy is witnessing a balanced growth, and enhancing competitiveness.
He added that the economy would likely weather the drop in oil prices as it has not affected ongoing development projects in the country until now. Al Mansouri ascribed the achievements to country’s successful diversification policies, under which oil represents merely 30 % of UAE’s GDP.