Opec member countries, primarily the UAE and Saudi Arabia, are ready to meet global oil market needs in case of any politically-motivated fall in supply, said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, and President of the Opec Conference in 2018.

"The participating producing countries of the Declaration of Cooperation (DoC) will maintain their continuous efforts in pursuing a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and global economy at large," the minister was quoted as saying by state news agency Wam following the 11th meeting of the Opec-Non-Opec Joint Ministerial Monitoring Committee (JMMC) which convened in Abu Dhabi yesterday (November 11).

"The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects, compliance levels as well as scenario analysis for 2019," noted the minister.

The JMMC acknowledged the achievements of participating producing countries of the Declaration of Cooperation (DoC) and their continuous efforts in pursuing a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and global economy at large, he added.

He expected production cut consultations will continue, noting that the oil industry needs more investments.

"Cooperation between Opec and non-Opec members will continue till 2020 to ensure a balanced oil market," the minister said.

For his part, Opec Secretary General Mohammed Barkindo said countries participating in the DoC have achieved a conformity level of 104 per cent in October 2018.

The Committee reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements, taking into account current uncertainties.

The Committee also noted that the dampening of global economic growth prospects, in addition to associated uncertainties, could have repercussions for global oil demand in 2019 – and could lead to widening the gap between supply and demand.

In advance of the scheduled meetings in December 2018, the JMMC directed the JTC to continue closely monitoring oil market conditions and further refine the scenario analysis based on updated data, with regard to options on new 2019 production adjustments, which may require new strategies to balance the market.