Abu Dhabi: The Organisation of Petroleum Exporting Countries (Opec) is concerned about crude oil prices that have lost more than a quarter of their value since June, the UAE energy minister said on Tuesday.

Brent crude fell toward $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.

“Yes we are concerned but we are not panicking,” Suhail Bin Mohammad Al Mazroui told Reuters when asked if he was worried about the recent decline in global oil prices.

He declined to say if Opec would cut output when it meets on November 27 in Vienna. The gathering is shaping up to be one of Opec’s most important in years.

“As I said before let’s wait, we are having a meeting at the end of the month,” the minister said on the sidelines of an industry event in Abu Dhabi.

“We as a group of producers are not the only ones producing, there are others. Our role is to balance the market with supply, this is what we will always do.”

While some Opec members have voiced concern over the drop in prices, indications are that Opec is unlikely to cut its output target. Iran and Kuwait have said a cut in output at the next meeting was unlikely.

UAE projects not affected

On the other hand an official from Abu Dhabi National Oil Company (Adnoc) said that the ongoing oil and gas projects are not affected due to drop in oil prices.

“The projects have already started and are in the final stages,” said Khalifa Al Shamsi, strategy and coordination director at Adnoc.

On the issue of concession agreements with oil and gas companies, he said the decision is yet to be taken. “It’s a huge investment for years. There is a delay as consultations are still going on. It could be delayed by two months,” said Shamsi.

Exxon Mobil, BP, Royal Dutch Shell and Total lost their rights as shareholders in the company operating Abu Dhabi’s onshore oilfields after their joint venture expired at the start of the year.

Shamsi did not give details whether they would renew the agreements with the previous companies or go for new ones. News reports have said that Adnoc is also considering Chinese and other Asian companies to operate oilfields.

UAE to increase crude oil production

An official from the UAE ministry of energy said the country is seeking to increase its crude oil production capacity to 3.5 million barrels per day in the coming years to ensure market stability.

Ahmad Mohammad Al Kaabi, director of the Petroleum Economics Department at the Ministry of Energy said that to meet the demand for petroleum by products, the country is also increasing its refining capacity to reach around 1.1 million barrels per day.

At present UAE’s total oil production is around 2.8 million barrels per day. Al Kaabi gave these details while speaking at a press conference to announce details of Abu Dhabi International Petroleum Exhibition and Conference (Adipec 2014), which starts next week.

Adipec will be held in Abu Dhabi National Exhibition Centre (Adnec) from November 10 to 13. More than 60,000 oil and gas professionals from across the world will attend.

Topics like fluctuations in global oil prices and geopolitical changes in the region would be discussed. The event last year generated $5 billion in business with 39 per cent of visitors coming for network opportunities.

A number of oil companies are taking part in the event including sixteen national oil companies and seventeen international oil companies. For the first time, there would be representatives from Mexico, Indonesia and Tunisia.