Petroleum Minister Delivers Egypt’s Speech before OPEC’s Ministerial Meeting

Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources delivered Egypt’s speech before the ordinary Ministerial Meeting of the Organization of the Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna in which Egypt is participating as an observer. H.E. Khalid al Falih, Saudi Minister of Energy, Industry and Mineral Resources and President of the Organization headed the Meeting.

The Minister asserted that Egypt supports and backs up the efforts and initiations to balance global oil markets with what achieves cooperation for both producers and consumers through fair prices to ensure security of supply and demand as well as ensuring stable returns contributing to developing needed investments in the oil industry.

He added that the global oil markets is currently fast regaining balance gradually, confirming that the current challenge is to keep price levels in a zone that allows attracting more investments while remaining affordable to consumer countries, he clarified that facing such challenges is a responsibility of all parts involved in the industry.

He also asserted Egypt’s commitment to cooperate with all parties involved in the petroleum industry in order to achieve stability.

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