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Volume 41 Issue 12
8
OAPEC Member Countries
significance of continued dialogue with other
oil-producing countries and the importance of
maintaining its energy dialogue with China, the
European Union, the Russian Federation, and
other industry participants and international
organizations. It also welcomed the first high-
level meeting of the OPEC-India Energy
Dialogue later in December 2015.
In examining the current status of the oil
market, the Conference respected the input
and ideas of all Member Countries to find
ways and means to deal with the challenges
they are facing in the global oil market today.
The Conference observed that, since its last
meeting in June, oil and product stock levels
in the OECD have continued to rise. The latest
numbers see OECD and non-OECD inventories
standing well above the five-year average.
Having reviewed the oil market outlook
for 2015, and the projections for 2016, the
Conference observed that global economic
growth is currently at 3.1% in 2015 and is
forecast to expand by 3.4% next year. In terms
of supply and demand, it was noted that non-
OPEC supply is expected to contract in 2016,
while global demand is anticipated to expand
again by 1.3 mb/d.
In view of the aforementioned, and
emphasizing its commitment to ensuring a long-
term stable and balanced oil market for both
producers and consumers, the Conference agreed
that Member Countries should continue to closely
monitor developments in the coming months.
The Conference decided that its
next Ordinary Meeting will convene on
Thursday, 2nd June 2016 in Vienna, Austria
Following are some press statements by Their
Excellencies OAPEC Oil and Energy Ministers
participating in the event.
HE Engineer Suhail Al Mazroui:
UAE’s
Energy
Minister HE Engineer
Suhail Al Mazroui
underscored
his
country’s commitment
to supporting OPEC
in order to contribute
to
stabilizing
the
least costly and most
efficient oil supply
levels, in addition to renewing its commitment
towards its traditional partners. He added that
he was confident that the market is able to
re-balance in the coming year as all signs are
positive until now. Hementioned that the falling
prices meant the cancellation or postponement
of many petroleum projects by international
companies which would contribute positively
to balancing supply and demand.