Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers can take a good deal of satisfaction from the current oil market situation which in large part is the result of sustained cooperation between them, the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, said on Sunday
According to the statement released by OPEC, Al-Falih spoke at the 10th meeting of the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) in Algeria, saying that partnership of OPEC and non-OPEC producers continues to work well and to produce admirable results despite a complex and challenging environment over the past several months.
'Also in my view, the high degree of reassurance that our efforts provided to consuming countries during times of market uncertainty have been equally important, and served everyone well,' Al-Falih noted.
However, while the supply and demand balance in the oil sector remain satisfactory, OPEC and non-OPEC producers will continue to closely watch it and will respond appropriately and in a timely manner as necessary, according to Saudi minister.
'When it comes to oil demand, we see fairly healthy growth in the proximity of 1.5 million barrels per day on average this year, and the next,' he explained, adding that this is quite encouraging.
He warned that this must be seen with caution in light of the lingering concerns over global trade, tariff issues and currency crises in some developing economies, and their potential implications for the global economy.
Investment is also flowing back into the industry and renewed investment means 'a vote of confidence in the industry’s long-term prospects,' according to Al-Falih.
OPEC Secretary General Mohammad Barkindo, also said that the OPEC and non-OPEC cooperation will continue to enhance dialogue and build bridges across the industry.
'We continue to have open and inclusive dialogue with all major stakeholders, including consumers, in an effort to consider common issues of concern regarding market stability,' he noted.
By Ebru Sengul
Anadolu Agency
energy@aa.comçtr