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UAE committed to maintaining oil market stability: Minister

Last Updated: Tuesday, February 21, 2012 - 13:42

Dubai: The United Arab Emirates is committed to maintaining stability in world oil markets, UAE's Minister of State for Foreign Affairs Anwar Mohammed Gargash said.

This goal can only be achieved through stable trade policies and partnerships and balanced demand and supply equation, Gargash was quoted as saying by Qatar's official news agency.

"Such stability is also achieved through more investment in this sector so as to create a long-term equilibrium, He said at an energy symposium in Doha.

The minister outlined the region's role as one of the world's major crude oil exporters in boosting efforts towards international oil market stability. He stressed on the importance of cooperation between the UAE and its partners to keep the market stable.

The UAE has adopted a strategy to diversify its energy mix and is motivated by shortage of gas and other sources of energy, he said.

The UAE has founded the Emirates Nuclear Energy Corporation (ENEC) to meet growing demand for energy through use of nuclear energy for peaceful uses.

The minister also emphasised on political cooperation and called for turmoil and conflicts in some countries of the region be settled. He exhorted international coordination to address dangers these countries are facing.


First Published: Tuesday, February 21, 2012 - 13:42
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