12/30/2018 | Press release | Distributed by Public on 12/30/2018 10:37
H.E. Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), praised the United Arab Emirates (UAE) for its continued support, and recognized the significant efforts of H.E. Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry, who held the position of President of the OPEC Conference throughout 2018.
Speaking at the 175th Meeting of the OPEC Conference, held in Vienna, Austria, H.E. Barkindo thanked the UAE and its leadership for their backing of OPEC and its mission to deliver a stable and balanced oil market in the interest both of oil producers and consumers. The position of President of the OPEC Conference rotates annually amongst the permanent member countries of the OPEC organization and was held by H.E. Al Mazrouei, on behalf of the UAE, in 2018.
H.E. Al Mazrouei also received commendations from HE Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry & Mineral Resources and HE Alexander Novak, Minister of Energy of the Russian Federation during the 5th OPEC and non-OPEC Ministerial Meeting, held in Vienna on Friday 7th December.
H.E. Barkindo said: '2018 was a critical year for our industry. It was the year in which OPEC and its partners successfully, and collectively, delivered on our agreement to reduce inventory overhang and bring more stability to the oil market. As recent months have again shown us, our industry is dynamic and only by working together, collaboratively, can we deliver the long term sustainable stability that we desire.
In his role as President of the Conference for 2018, H.E. Al Mazrouei has guided our Organization with immense skill, diplomatic tact and statesmanship. During this time, OPEC and its non-OPEC partners had the onerous task of implementing their voluntary production adjustments. Yet this was successfully delivered, while building the longer-term relationships that I am confident will support OPEC and its partners well in to the future.' said Barkindo.
During 2018, in his role as President of the OPEC Conference, H.E. Al Mazrouei participated in more than 40 events and meetings with a broad cross-section of stakeholders. This included, IP week in London, the IEF Ministerial meeting in New Delhi, India, CERA Week in Houston, the Stampede Investment Forum in Canada, OPEC's 7th International Seminar in Vienna, and ADIPEC in Abu Dhabi, as well as OPEC and non-OPEC meetings in Vienna, Algiers, Saudi Arabia and Abu Dhabi.
H.E. Al Mazrouei said: It was an honor to hold this Presidency, particularly during the Year of Zayed, a year in which we celebrate the memory of the UAE's founding father, Sheikh Zayed bin Sultan Al Nahyan, of blessed memory. Sheikh Zayed was renowned for his strong belief in the value of diplomacy, dialogue and collaboration, attributes that have served OPEC and its partners well in 2018.
It was particularly pleasing, following a significant dialogue and engagement during the course of the year, that OPEC and our non-OPEC partners initialed a historic agreement at our December meeting to institutionalize our future cooperation. We look forward to finalizing this important charter in 2019. By working collaboratively, I am confident that we will be able to bring balance and stability to the oil market in the years ahead' said Al Mazrouei.