OPEC conference president says current oil outputs enough for balanced market

Source: Xinhua| 2018-09-24 00:17:39|Editor: yan
Video PlayerClose

ALGIERS, Sept. 23 (Xinhua) -- President of OPEC Conference Suhail Mohamed Al Mazroui on Sunday stressed that current oil outputs are enough to keep global oil market balanced.

"The current oil production capacity is able to ensure and maintain a balanced global oil market," said Mazroui at the opening of the 10th OPEC and non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Algiers, capital of Algeria.

He also said OPEC can "control and maintain the balance for a long time," and neither overstocking nor destocking is needed.

Mazroui, also the UAE Energy Minister, also called for more dialogue and trust between OPEC and non-OPEC producers as well as consumer countries.

In the meantime, he argued that OPEC and non-OPEC agreements signed so far are not just about boosting oil prices, but also about maintaining market stability.

He also expected the OPEC "to attract more oil producer countries to join the agreements and help safeguard and sustain the global oil market balance."

The JMMC, co-chaired by Saudi Arabia and Russia, comprises four OPEC member countries, namely Algeria, Saudi Arabia, Kuwait and Venezuela, and two non-OPEC member countries, Russia and Oman.

It aims to ensure the achievement of the objectives of the Declaration of Algiers on reducing oil outputs by 1.8 million barrels a day to adjust production in the range of 32.5 to 33 million barrels per day to boost plunging prices.

Algiers meeting is expected to extend the 2016 agreement, which was reached in Algiers to cut oil output and will expire at the end of 2018, to an additional period to maintain prices at the current level.