Egypt supports OPEC efforts to enhance cooperation among members: minister

Petroleum Minister Tarek el-Molla asserted Egypt’s support to efforts of the OPEC to enhance joint cooperation among the oil producing states to maintain a balanced and fair global oil market of benefit to both producers and consumers.

Addressing the 4th ministerial meeting of member states of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, held in Vienna under the chairmanship of UAE Minister of Energy and Industry Suhail al Mazroui, el-Molla praised the historically unprecedented support among the OPEC and non-OPEC members to create equilibrium in the world petroleum market.

The historic cooperation agreement announced in December 2016 is considered a milestone that categorically changed the entire energy scene and led the world petroleum market gradually to stability and sustainability, he said as quoted by the Ministry of Petroleum in a press release on Saturday.

The minister pointed out to the ambitious reform programme carried out by Egypt to overcome challenges and restore economic balance, citing the liberalisation of the exchange rate, reforming the taxation system and improving social protection programmes. The Egyptian petroleum and gas sector is exerting strenuous efforts to restore its role as a key player in the world petroleum market, he said.

Egypt attended the meeting as observer upon an invitation from the OPEC.

Source: MENA