Khalifa reiterates UAE commitment to supply world oil market

Heads of states of the 12 members of the Organisation of the Petroleum Exporting Countries (OPEC) ended their 3rd summit in Riyadh today after ratifying the summit's final communiquй. President H.H. Sheikh Khalifa bin Zayed Al Nahyan addressed the closed-door session yesterday, reiterating UAE's commitment to continue supplying the international oil market.

Sheikh Khalifa attributed the increase in oil prices to the rising consumption, the high taxes imposed by the consumer countries, market speculations and to the fact that some producing countries have become oil importers. He called for developing clean, safe and cheap alternative sources of energy.

Following is the text of Sheikh Khalifa's speech: My brother the Custodian of the Two Holy Mosques Their Highnesses and Excellencies Heads of the Delegations Al Salamu Alaikaum Wa Rahmatu Allah Wa Baraktuh I would like first to thank my brother the Custodian of the Two Holy Mosques King Abdullah bin Abdul Al Aziz for his hospitality. I would also like to commend OPEC's role and policy aimed at maintaining the interests of producers and consumers alike, as well as maintaining stability in the world oil market.

Dear brothers, The fast growing energy consumption worldwide, the high taxes that are imposed upon oil in consuming countries, reaching 100 percent in some states, the oil market speculations and the fact that some producing countries have turned to imports due to decline in their oil stocks, have all contributed to the increase of oil prices. Therefore, we call for developing clean, safe and reasonably priced alternative sources of energy to ease the burden on producing countries. We, in the United Arab Emirates, have always maintained our cooperation with OPEC. We are committed to supplying the world oil market to drive human development.
(Emirates News Agency, WAM)