Oil and energy ministers of 12-OPEC member nations has begun descending on Abu Dhabi for the 146th extraordinary meeting of the group's conference which will be hosted by the UAE on December 5th at the Emirates Palace Hotel. Observers highlight the high significance of Abu Dhabi hosting of the energy gathering given the UAE high profile and stature in the Organisation of Petroleum Exporting Countries (OPEC).
They note that the one-day meeting will be convened in the UAE in its capacity as one of the major oil producers in the oil-rich GCC which sits atop more than 50 per cent of the world's oil proven reserves and supplies the world with over 25 per cent of its oil demand. They say that early arrival of ministers in Abu Dhabi would provide ample time for extensive consultations on the agenda of the Wednesday's conference. They add that world oil markets were eager for the outcome of the conference, taking a ‘wait and see' approach on whether OPEC could boost or maintain output. In September OPEC raised output by 500,000 barrels per day affective as of November 1.
OPEC's ministerial monitoring sub-committee will meet on Tuesday to define approaches towards current and future developments in regards to the global economy and world oil markets.
Meanwhile, the conference's organising committee which is headed by UAE Minister of Energy and President of OPEC Conference Mohammed bin Dhaen Al Hameli has completed preparations for welcoming the ministers and hosting the event.
Organisers said that oil ministers of non-OPEC member states - Egypt, Oman, Syria, Mexico and Sudan - were invited to attend as observers. The observer-turned-member Angola is participating in Abu Dhabi meeting for the first after it attended the Riyadh OPEC summit in mid-November. Oil analysts, economists, researchers, executives and experts also flew into Abu Dhabi to follow up the event. (Emirates News Agency, WAM)
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