Vienna — OPEC remains intent on making permanent its oil market managementpartnership with Russia and other non-OPEC partners, UAE energy ministerSuhail al-Mazrouei said Wednesday.
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This is despite some members looking to roll back the OPEC/non-OPECsupply cut agreement.
Mazrouei said maintaining long-term control of oil supplies to stabilizethe market is necessary to incentivize investments in new production tomeet projected demand.
He added that OPEC would seek to institutionalize the partnership by theend of the year, when his stint in the rotating OPEC presidency ends.
"The oil demand outlook continues to look robust in the future," Mazroueisaid in prepared remarks at the OPEC Seminar. "It is important to rememberwhat happened to investment levels over the past few years and not to forgetit."
OPEC and 10 non-OPEC allies, led by Russia, are in a 1.8 million b/dsupply cut agreement scheduled to run through the end of the year, aimedat rebalancing the oil market.
But some members, notably Saudi Arabia and Russia, are seeking to raisequotas, to the objection of others, including Iran, Iraq and Venezuela.
Mazrouei did not address the negotiations over the future of the supplycuts, but said OPEC is "constantly monitoring the rebalancing process."
"We will do what is necessary to maintain stability and support globalenergy security in the interests of both consumers and producers," he said.
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