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UAE committed to Opec goals

RIYADH — The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, addressed the closed-door session of the Organisation of the Petroleum Exporting Countries (Opec) yesterday, reiterating UAE's commitment to continue supplying oil to the international market.

Shaikh Khalifa attributed the increase in oil prices to the rising consumption, the high taxes imposed by the consumer countries, market speculations and to the fact that some producing countries have become oil importers. He called for developing clean, safe and cheap alternative sources of energy.

Shaikh Khalifa commended Opec's role and policy aimed at maintaining the interests of producers and consumers alike, as well as maintaining stability in the world oil market.

“We call for developing clean, safe and reasonably priced alternative sources of energy to ease the burden on producing countries," he emphasised.

Shaikh Khalifa pointed out that the UAE has always maintained its cooperation with Opec. “We are committed to supplying the world oil market to drive human development,” the president said.

Meanwhile, the UAE announced yesterday that it will contribute $150 million to back scientific research in the field of energy, environment and climatic change. UAE's pledge was made in a closed-door session of the Heads of State of Opec member countries in Riyadh yesterday. —