The Opec Governor (front left) and the Saudi Minister of Energy (front right) at the eighth Opec International Seminar in Vienna.
(Photo: Bloomberg)
Vienna OPEC is looking for new members. During a panel discussion at the international seminar in Vienna, where ministers from the Alliance of Oil Producing Countries met industry heads, several members expressed the wish for an expansion of the oil cartel. OPEC wants to use it to increase its influence.
Suhail Mohammed Al Mazrouei, Energy Minister of the United Arab Emirates (UAE), said: “Opec currently produces around 40 percent of the world’s oil supply. But let’s imagine it would be 60 percent. Then we could do our job even better.”
Antonio Oburo Ondo, President of the Opec Conference and Minister of Mines and Hydrocarbons in Equatorial Guinea, agrees. “The bigger the organization, the better,” he says. Because the more influence the oil alliance would have, the more it could ensure market stability.
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