11-10-04
The Organization of the Petroleum Exporting Countries (OPEC) is ready to
supply the market with enough oil at time of crisis, according to a top oil
official of the United Arab Emirates (UAE). The Middle Eastern oil producers, notably the Gulf Cooperation Council (GCC)
states, were investing millions of dollars in expanding output capacity in a bid
to have reserve capacity that can be used to satisfy rising global demand and to
face any crisis in the medium and long term.
Stabilization of world oil market at acceptable prices for producers and
consumers, expansion of output capacity to meet steep world demand and defusion
of troubles in producing countries are the prime concerns for the oil and gas
industry, Nasiri said when asked about challenges facing the industry. The UAE oil companies were investing in output capacity expansion to satisfy
rising world demand for energy products and at the same time using high
environmental-friendly technology in exploration and development, said the
minister.
Source: Angola PressOPEC ready to supply enough oil to market at time of crisis
"OPEC is capable of meeting rising global demand for oil, should a fresh
oil crisis take place at any time," the UAE Petroleum and Mineral Resources
Minister Obeid bin Saif Al Nasiri said. OPEC producing countries are currently
pumping at nearly full capacity and any oil shock in the short-term could push
oil prices to record highs, said Nasiri.
On OPEC’s efforts to ease rallying oil prices, Nasiri said OPEC had decided in
mid-September to raise its production ceiling by 1 mm bpd to 27 mm bpd, except
Iraq. The decision will come into force on Nov. 1 to help rein in the surging
prices. Since July 2004, OPEC increased its output ceiling by 3.5 mm bpd to
settle at 27 mm bpd by early November, Nasiri added.
Talking about the UAE’s efforts to embrace modern technology, he told that the
UAE oil and gas industry is keeping abreast with advanced technology through its
partnership with major world oil companies and ADIPEC is an important event that
opens promising horizons for industry players to keep in touch with the latest
developments in the oil and gas technology.