OPEC remains intent on making permanent its oil market management partnership with Russia and other non-OPEC partners, UAE energy minister Suhail al-Mazrouei said Wednesday.
This is despite some members looking to roll back the OPEC/non-OPEC supply cut agreement.
Mazrouei said maintaining long-term control of oil supplies to stabilize the market is necessary to incentivize investments in new production to meet projected demand.
He added that OPEC would seek to institutionalize the partnership by the end of the year, when his stint in the rotating OPEC presidency ends.
"The oil demand outlook continues to look robust in the future," Mazrouei said in prepared remarks at the OPEC Seminar. "It is important to remember what happened to investment levels over the past few years and not to forget it."
OPEC and 10 non-OPEC allies, led by Russia, are in a 1.8 million b/d supply cut agreement scheduled to run through the end of the year, aimed at rebalancing the oil market.
But some members, notably Saudi Arabia and Russia, are seeking to raise quotas, to the objection of others, including Iran, Iraq and Venezuela.
Mazrouei did not address the negotiations over the future of the supply cuts, but said OPEC is "constantly monitoring the rebalancing process." - Platts -