(MENAFN- The Peninsula) The Peninsula
The Minister of Energy and Industry, H E Dr Mohammed bin Saleh Al Sada (pictured) said that the global oil market is heading in the right direction, stressing that the current oil reserves are close to what they have been in the past five years, which has been the target of the Organisation of Petroleum Exporting Countries (Opec).
Speaking on the sidelines of the opening function of the 12th edition of ‘Enriching the Middle East's Economic Future Conference', here yesterday, the minister said that the world's consumption of oil exceeds the current production. This confirms the fact that the decision taken by Opec to cut production in December last year, in coordination with several major oil producing countries outside the Opec was right, Dr Al Sada said expressing pleasure that this decision was taken during Qatar's chairmanship of Opec, QNA reported.
The minister said Opec's next meeting would be an opportunity to examine the official reports of the organisation regarding information on the oil market, and these reports will help the Organisation's members to take the right decision.
Dr Al Sada said that the ‘Enriching the Middle East's Economic Future Conference' has built a great momentum over the years, stressing that Doha has become the center of this successful conference, which has become an annual event covering many aspects especially the economic issues of the Middle East and the renaissance of the region's economy. He stressed that this renaissance would lead to resolving many of the issues and crises related to the region.
He pointed out number of participants in this edition is the largest since the start of the conference, which reflects that Doha has become more attractive to such conferences, and that Doha supports such events which work to bring together experts to discuss and study the issues like those raised by the conference.
Meanwhile, the participants the conference yesterday emphasised the role of women in economic activities, considering women's empowerment as an essential entry for building a better economy for future generations and new US-European relations on the Mena during a panel discussion attended by a number of experts and academics from many regions around the world.
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