Media Center
2016-11-07
Minister of Oil His Excellency Shaikh Mohammed bin Khalifa Al Khalifa, participated in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016 held under the patronage of His Highness Shaikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates from November 7 to 10 2016. He attended the event at the invitation of His Excellency the President of the UAE, and the organizing committee of the event.
The Oil Minister also participated in the Ministerial Meeting held on the first day of the conference. His Excellency Shaikh Mohammed talked about the oil industry perspective in his speech and about the oil price structure in various international markets. He expressed hope that oil price would achieve the desired balance naturally through the supply and demand cycle. “If you do not take the appropriate action right now, there would be a definite shortage of crude supply markets,” he said.
His Excellency H.E. Suhail Mohamed Al Mazrouei, United Arab Emirates Minister of Energy, said that it was an appropriate time for oil producer countries to develop their productivity and advance competitiveness in the market, pointing out the markets were beginning moving towards stability. The UAE Minister expressed optimism about energy markets stabilising next year.
Oman's Minister of Oil and Gas, His Excellency Dr. Mohammed bin Hamad Al Rumhy also spoke about the investment experience in his country, compared to others in the Gulf Cooperation Council. He supported the need to take serious action to deal with the surplus crude oil supply in various global markets.
