UAE Energy Minister Calls on Responsibility for Stabilizing Oil Market

Mohammed Hamili, Vice Chairman of the Organization of the Petroleum Exporting Countries (OPEC) and Energy Minister of the United Arab Emirates, emphasized here on the 19th that both the world's oil producers and oil consuming countries have the responsibility to maintain the stability of the international oil market.

When Hamili delivered a speech at the opening ceremony of the 12th Annual Energy Conference of the UAE Center for Strategic Research, he emphasized that the world energy market is related to the interests of everyone and is the basis for world economic prosperity. Therefore, maintaining the stability of the world energy market and making it serve the global economy is the responsibility of the entire international community.

Hamili said that concerns about oil supply in the international oil market have led to increasing demand, keeping oil prices high. In order to meet market supply, prevent oil prices from continuing to rise, and stabilize the world economy, some oil-producing countries are trying to increase oil production. He pointed out that in terms of stabilizing oil prices, oil producing and consuming countries should establish cooperative relations based on mutual trust. Practice has proven that cooperation is extremely important to world stability.

This annual meeting lasts for 3 days. Experts and scholars from China, the United States, Singapore, India and other countries will discuss issues such as the increasing demand for oil, how to ensure the security of global energy supply and the countermeasures that need to be taken.