OPEC secretary-general Abdalla Salem El Badri talks to TOGY about how member countries can remain competitive in the current market climate of continuing oil price fluctuations. El Badri also discusses the importance of spare capacity in ensuring access to energy for its members. OPEC remains a key organisation promoting multilateral co-operation among member countries and supply security.
Over the past year or so the market has witnessed a great deal of change. How can OPEC member countries, in particular the UAE, remain competitive?
The oil market has seen many ups and downs over the course of its history. Producers and investors alike have had to continually evolve to adapt to changing circumstances. This time will be no different.
Many OPEC member countries have some of the world’s lowest production costs, which is a benefit in a low-price environment.
While that might be the case, member countries also recognise the importance of continuously looking towards improving efficiencies in exploration and production, developing new technologies and advancing the environmental credentials of oil. These companies are also working towards diversifying their economic base through related industries such as refining and petrochemicals. The UAE has been able to make headway in this way.
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