Al Hamli: OPEC 'fully committed' to continuous oil supply
The Organization of Petroleum Exporting Countries, while seeking security of demand, is fully committed to a continuous supply of oil on the international market, according to the group's president.
LOS ANGELES, Apr. 16 -- The Organization of Petroleum Exporting Countries, while seeking security of demand, is fully committed to a continuous supply of oil on the international market, according to the group's president.
"There should be no doubt that OPEC members are fully committed to ensure regular supplies to consumers and maintain market stability," said Mohamed Al Hamli, who also serves as UAE's energy minister.
Al Hamli told an oil conference in Dubai that the organization's commitment has been proven "time and again, during crises brought about by severe weather conditions, geopolitical tensions, or disruption of supplies caused by unrest."
But he said the 12-member group is concerned by subsidies given by consuming nations to competing fuels that seek to "divert investments away" from the oil industry or "discriminate" against oil.
"Producing countries cannot spend precious funds needed elsewhere on expanding facilities when their customers are telling them that they intend to reduce dependence on OPEC oil," he warned.
Underlining the global need for energy security, Al Hamli said OPEC members, as a condition of their investment in capacity expansion, want to know that consuming nations are committed to the purchase of oil.
"This would greatly strengthen producing countries' resolve to invest in future capacity expansion. The result would be greater energy security for all," he told the conference.
Contact Eric Watkins at firstname.lastname@example.org.