Vienna, Austria, 14 September 2016–OPEC Secretary General HE Mohammad Sanusi Barkindo received United Arab Emirates (UAE) Ambassador to Austria, HE Hamad Al Kaabi, at the OPEC headquarters on 30 August.

HE Al Kaabi conveyed a message of congratulations to HE Barkindo on behalf of the UAE government on his new position as OPEC Secretary General.

Concerning the work of the Organization, Mr. Barkindo pointed out that OPEC has always been able to rise to the various challenges it had faced, working for stability and improved transparency through coordinated action.

He said that stability in the oil market was not only relevant to OPEC Member Countries, but also to the global economy in general. A sharp reduction in investment and cancelled or delayed projects had been one of the unfortunate consequences of the current volatile market cycle, but it was important to continue investing because production should not drop in the future.

HE Barkindo stressed that oil will continue to be the fuel source of choice for a very long time to come. He alluded to that fact that the 10th edition of the OPEC World Oil Outlook (WOO) would be launched in the UAE later this year, marking the first time this would be done outside OPEC headquarters.

The OPEC Secretary General also observed that the UAE Energy Ministry has been “consistent and constructive” in its statements concerning the oil market, something he hoped would continue in the future.

In his remarks, HE Al Kaabi said the UAE wanted to work with other OPEC Member Countries to strategize on how best to achieve stability in the oil market, adding that the Organization could help bridge gaps among the industry’s various players. The UAE was optimistic that the oil sector is continuing to recover in a healthy manner.

HE Al Kaabi stated that OPEC could indeed rely on the UAE for any help that was needed, adding that OPEC’s focus on the market’s basics and principles had enabled it to remain strong over the years.