OPEC’s share of the oil market is at a good level, United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said as the producer group continues to contend with low crude prices.
“Regardless of the different views on the oil market, we see that the OPEC current market share is at a good level,” Mazroui said on his official Twitter account on Saturday.
Mazroui also said he believed that any future decision on oil production would require full participation from all members of the Organization of the Petroleum Exporting Countries plus other major producers.
“We acknowledge and understand the market challenges, but in my view our sector is resilient to overcome it and achieve stability soon,” Mazroui added without elaborating.
OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.
Saudi Arabian Energy Minister Khalid Al-Falih told Reuters last week that he does not believe significant intervention in oil markets is necessary at this time.