Energy market outlook stable for the year 2014: Qatar, Saudi Arabia

Qatar’s Minister of Energy and Industry H E  Dr Mohammed Saleh Al Sada (fourth right), Saudi Arabia’s Oil Minister Ali bin Ibrahim Al Nuaimi  (fifth right), United Arab Emirate’s Oil and Energy Minister Suhail Al Mazrouie (fourth left), Bahraini Oil Minister Ahmed bin Mohammed Al Khalifa (second right) and Kuwaiti Deputy Prime Minister and Minister of Oil Mustafa Jassem Al Shamali (third right), with other officials at the opening of the Ministerial Conference of the Organisation of Arab Petroleum Exporting Countries in Doha yesterday. Photo Credit: AFP PHOTO / AL-WATAN DOHA

DOHA: Two top energy leaders of the region yesterday projected a “stable energy market outlook” for the year 2014. At the 91st meeting of Council of Ministers of Organisation of Arab Petroleum Export Countries (Oapec) here, Qatar’s Energy and Industry Minister H E Dr Mohammed bin Saleh Al Sada and Saudi Arabia’s Petroleum and Mineral Resources Minister Ali bin Ibrahim Al Nuaimi reassured both of them were “optimistic” regarding the Outlook for the world oil market in 2014 and added the market would continue to remain stable.

Talking to reporters, Dr Al Sada said the current energy market prices are ‘appropriate’ for both the exporting and importing countries. The prices will continue to stay ‘fair’ in 2014 as well. Market stability is key for energy producing countries, he said.

Addressing the ministerial meeting, Dr Al Sada hailed the critical role being played by the Oapec in maintaining stability in the global energy market. The Organization is also playing key role in strengthening Arab co-operation in the energy sector.

At the meeting he highlighted the organisation’s role in various fields of energy, specifically in the field of fossil energy that according to him will remain the focus of global energy resource in long term; and will be approximately 76 percent of the global mix energy by 2035. “This confirms the importance of our joint action to ensure the stability of the markets in the coming stages and ensure the stability of our people and our countries.”

Dr Al Sada congratulated different energy companies of the member-countries for their stellar performance during the year 2013. He also appreciated Oapecs 2014 budget proposals.

“We are meeting today in the wake of important regional and international meetings such as the Opec ministerial meeting which kept the ceiling of oil production to maintain the stability of the market, as well as the Conference of the Parties to the UN Framework Convention on Climate Change, which was held in Warsaw a few weeks ago, which are on our agenda today”, Dr Al Sada said.

Al Nuaimi, who chaired the meeting, said he was quite optimistic regarding the outlook for the world oil market in 2014. The market stability will continue in terms of supply, demand and prices.

Underlining the  important role played by the Oapec in stabilising the market he noted the Arab and Opec countries will continue to play their role positively, to balance the market interests of both the exporters and importers.

“The stability of the oil market will continue through next year,”he added.

Oapec’s Secretary-General Abbas Ali Al Naqi said the meeting would review among other topics, the financial and operational results during 2013, in addition to honoring the winners of OAPEC Scientific award for 2012. Source: The Peninsula

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