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Wednesday 11 Nov 2015 - 19:40 Makkah mean time-29-1-1437
Abu Dhabi, (IINA) - UAE's Minister of Energy Suhail Al-Mazrouei chaired on Tuesday a meeting of government officials of members of the Organization of the Petroleum Exporting Countries (OPEC) to discuss the intergovernmental organization's policies for stabilizing global oil markets, WAM reported.
The meeting was held as part of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC2015). Minister Mazrouei said the meeting was focused on the use of the latest technologies in the oil and gas sector and ways of reducing costs.
OPEC Secretary General Abdallah El-Badri urged non-OPEC producers to share the burden with OPEC members to improve oil prices, which fell to less than half compared to mid-2014.
Sudirman Said, Indonesia's Minister of Energy and Mineral Resources, said that the falling oil prices have impacted global economic growth and that Indonesia is trying to re-formulate its economic policies to counter the challenge by diversifying energy resources to maintain stable supplies.
He noted that despite Indonesia's use of modern technology in its oil industry, it still needs further cost reductions and more investments, adding that OPEC and non-OPEC producers should joint efforts to achieve a supply-demand balance.
AG/IINA
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