Mohamed Al Hamli, energy minister of the United Arab Emirates and president of OPEC, said Tuesday that OPEC oil production cuts had "helped rehabilitate the global market." Cuts of 1.7 million barrels a day were introduced following agreements made at OPEC's two latest conferences in Doha, Qatar and Abuja, Nigeria.
In an interview with the official Emirates News Agency (WAM) ahead of his visit to Vienna, which will host the 144th OPEC meeting on March 15, the minister said there was now a balance in demand, supply and oil reserves, with member-countries' producing 25.8 million barrels of oil daily.
Mohamed Al Hamli said OPEC would take appropriate measures to maintain the current balance on global markets and secure stability in oil prices at a level fair for oil and gas producers and consumers.
The official said the 144th OPEC conference would be special, because Angola, which became the fourth African country to join the organization of eleven oil producing countries after Algeria, Libya and Nigeria, would officially participate for the first time.
