Opec and its members don’t control oil prices and that the market dictates them, Suhail Mohamed Faraj Al Mazrouei, UAE’s Minister of Energy and Industry was quoted as saying in a media report.

"What Opec strives to achieve is a balanced oil market that is fair for both consumers and producers, and encourages the many trillions of dollars of investment that is needed to secure future production,” he added, according to a report by state news agency Wam.

In an opinion piece written to mark the end of his tenure as President of the Opec Conference, and to shed light on the organisation’s achievements during 2018, the UAE Energy Minister highlighted that one of the most notable achievements of 2018 was undoubtedly the progress made in developing a charter between Opec and its non-Opec partners to continue collaborating in the years ahead.

He noted that this landmark pact was initialled in December at the 175th Opec Conference, adding that this is an important step in a relationship that will continue to evolve and flourish into the future.

He also stated that the UAE has been a proud member of Opec for over 50 years, and that by working with likeminded partners, both within and outside of the Opec organisation, the goal of a more stable, less volatile oil market can be pursued.

Reflecting back to December 2016 when Opec and its partners signed the ‘Declaration of Cooperation’ - a voluntary agreement to adjust production levels and thereby remove excess inventory overhang – Al Mazrouei said that the organisation’s goal was to deliver lasting and sustainable stability to the oil market in the interest of both producers and consumers.

In this regard, he added, that "fast forward to mid-2018 and inventory overhang had been reduced, Opec and its partners were complying well above their committed targets, and there was a sense of optimism in our industry again. This was evident at Opec’s 7th International Seminar, which was held in June at the Imperial Hofburg Palace in Vienna."

On December 1, 2017 and during Opec's 173rd meeting, Al Mazrouei has been elected as president of the Opec Conference for one year, with effect from  January 1, 2018.