Opec committed to uninterrupted oil supply

DUBAI – Opec is fully committed to ensure continuous supply of oil and maintain stability in the international crude market, the oil cartel’s president said yesterday.

“There should be no doubt that Opec members are fully committed to ensure regular supplies to consumers and maintain market stability,” said Mohammad al-Hamli, who is also energy minister of the United Arab Emirates. “This has been proven time and again, during crises brought about by severe weather conditions, geopolitical tensions or disruption of supplies caused by unrest,” he told participants to an oil conference in Dubai.But Hamli raised concerns shared among oil-producing countries over the “need for security of demand” for crude.”This would greatly strengthen producing countries’ resolve to invest in future capacity expansion.The result would be greater energy security for all,” he said.Hamli said that the 12-member Organisation of Petroleum Exporting Countries is concerned about policies by consuming countries that “seek to divert investments away from the oil industry or discriminate against oil by subsidising competing fuels.””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 added.Nampa-AFP”This has been proven time and again, during crises brought about by severe weather conditions, geopolitical tensions or disruption of supplies caused by unrest,” he told participants to an oil conference in Dubai.But Hamli raised concerns shared among oil-producing countries over the “need for security of demand” for crude.”This would greatly strengthen producing countries’ resolve to invest in future capacity expansion.The result would be greater energy security for all,” he said.Hamli said that the 12-member Organisation of Petroleum Exporting Countries is concerned about policies by consuming countries that “seek to divert investments away from the oil industry or discriminate against oil by subsidising competing fuels.””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 added.Nampa-AFP