UAE, IEA discuss cooperation on stabilising global oil markets
(Wam)
18 April 2008
ABU DHABI — Energy Minister of the United Arab Emirates Mohammed bin Dha’en Al Hamili and Executive Director of the International Energy Agency (IEA) Nobuo Tanaka yesterday discussed ways to further bolster the standing relations and cooperation on stabilising the oil markets, reducing volatility and achieving an oil supply-demand balance.
At a meeting which took place in Abu Dhabi, discussions also took in the UAE-IEA relations and collaboration on oil data and policies, reducing carbon dioxide emissions and other pollutants emissions resulting from petroleum and natural gas.
In an exclusive statement to Wam, Tanaka said his meeting with the UAE minister was “very good” and constructive and comes as part of the standing strong cooperation and collaboration.
He said he highly appreciated the cooperation between IEA on the one hand and the two major oil producers, UAE and Saudi Arabia, on energy emergency situations.
“I was assured that the UAE will be cooperative on dealing with energy emergency scenarios,” said Tanaka.
The IEA’s chief is in the UAE capital upon concluding a visit to Saudi Arabia where he met on Wednesday with Saudi Oil Minister Al Naimi and representatives of state oil company Aramco said his current regional tour will not take in any talks with the region’s other oil producing and exporting countries.
Tanaka said the too high current oil prices have to be confronted through more cooperative efforts to boost action and mutual understanding between producers and consumers to hopefully bring about decline in the market volatility.
Oil prices surged to a series of new highs, with New York crude crossing $114 a barrel raising concerns that supply outages will pressure crude stockpiles.
Tanaka further urged oil producing and exporting countries to make efforts to curb volatility, bring about a supply-demand balance and curb soaring oil prices by least maintaining their current production levels to allow for the gradual increase in consumers’ spare capacities.
Tanaka said his talks with Abdullah Al Badri, Secretary-General of the Organisation of the Petroleum Exporting Countries in Paris last March were aimed at confirming the string commitment by the two organisations to their active dialogue on energy issues.
Have your say
