Abu Dhabi: The Organisation of Petroleum Exporting Countries (Opec) is not a cartel and the group remains committed to ensuring stable, secure and reasonably priced supplies of crude oil to the market, the UAE Governor to Opec Ali Obaid Al Yabhouni said here on Thursday.
"In the medium-term, there are significant Opec member country investments committed, both for the upstream and downstream. Opec is here to stay. Its members are committed to the organisation and, as new oil exporters emerge, the organisation will grow," Al Yabhouni said at a lecture at the Petroleum Institute.
He said the security of (oil) supply needs to go hand-in-hand with security of demand, and reasonable prices must prevail.
"The overall goal is for all stakeholders to focus on improving inclusivity, cooperation and transparency; to provide a stable setting, in which investments and expansion flourish, economies witness stable growth, and where better access to modern energy services help make energy poverty a thing of the past," said Al Yabhouni.
He said Opec recognises the importance of continuing to promote the development and deployment of cleaner fossil fuel technologies.
In this regard, Al Yabhouni said Opec supports the existing technology of carbon capture and storage (CCS), which has the potential to contribute up to 40 per cent of emission reductions by the middle of the century.
He said international oil companies will always be an important part of the energy equation and Opec will continue to work closely with them.
"Going forward, Opec attaches great importance to the continued strengthening of its member country NOCs (national oil companies), and the further development of positive and constructive NOC-to-NOC and NOC-to-IOC (international oil companies) relationships," he added.
"Opec is not just about defending the interests of oil producers, it is about making a positive contribution to the global energy market, helping ensure that producers get a fair deal and that people everywhere have access to energy needs to power their homes, their cars and their economies," said Al Yabhouni.
Later, speaking to reporters Al Yabhouni likened Opec to a central bank, saying just as a central bank regulates money supply, Opec regulates oil supply to the market.
