H.E Minister of Oil participates in the Meeting of OPEC

​H.E. Shaikh Mohammed bin Khalifa bin Ahmed Al Khalifa, Minister of Oil and the accompanying delegation, participated in the meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) that was held in Vienna, Austria, from June 20-23, 2018. As part of the organization's regular ministerial meeting No.174 in adopting a plan to increase production, and to manage the increasing prices and discuss a wide range of key energy issues with all the speakers, sponsors and delegates from the oil, gas and energy sector from all over the world.

H.E. the Minister of Oil, expressed his great thanks and appreciation to His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain, for his support and assistance of the development career in the oil and gas sector; expressing his great pleasure and happiness to participate in such meetings and representing the Kingdom of Bahrain.  

H.E. the Minister stressed the concern of the Kingdom of Bahrain represented by the National Oil and Gas Authority (NOGA) to participate in such qualitative and differentiated meetings and which in turn contribute to the enrichment of high-level dialogues and discussions with many decision makers and officials of the oil, gas and energy sector in oil-producing and consuming countries. Also, to explore ways to enhance cooperation, joint ventures and experiences in a joint work place, which enhances the oil, gas and energy sector development programs in the Kingdom of Bahrain. Noting that the world oil markets had experienced in the past years, cooperation within OPEC or from outer producing countries, which has highly restored the balance of fuel oil gradually.

H.E. the Minister also emphasized the support for continuing the cooperation between producers and consumers to meet the greatest challenge in the coming period, in order to maintain the stability and sustainability of the petroleum market, which is beneficial for both producers and consumers, and in the overall interest of the global economy.

H.E. the Minister noted that OPEC, which now has 15 members after the Congo's accession, has decided to conclude the work of the 174 semi-annual meeting of the organisation ministers, to increase oil production by approximately 1 million barrels per day, to meet global demand from July this year. The conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on December 3, 2018.

H.E.the Minister, on the sidelines of the meeting, held joint talks with a number of OPEC and oil ministers, who are members and non-members of OPEC, as part of closer economic ties and deepening oil cooperation between the Kingdom of Bahrain and the world's leading oil producers.

It should be noted that OPEC is a permanent intergovernmental organization established in 1960 to coordinate and standardize policy of member countries, ensuring the stability of oil markets and securing an effective, economical and regular supply of oil to consumers and a stable income to producers and a fair return on the capital invested in the oil industry.