Stable Oil Price, Good for Producers, Consumers
Secretary-General of OPEC, Abdalla Salem El-Badri, has highlighted the importance of a stable price for both producers and consumers.
He noted that it was conducive for global economic growth as it allowed producers to invest to meet future demand.
Speaking at the 9th ministerial-level meeting of the energy dialogue between OPEC and the European Union (EU) in Brussels last week, El-Badri emphasised that low oil prices could break the momentum of investment in the oil industry, and in other forms of energy, which will in turn “has a knock-on impact on future additional supply.”
He however reiterated OPEC’s commitment to supporting market stability in making sure consumers have secure and stable supplies, but highlighted the importance of understanding the other side of the security of demand.
A statement from OPEC headquarters in Vienna, Austria said the market outlook topped discussion at the first session of the meeting, which looked at oil market developments, energy policies and the long-term outlook.