UAE committed to Opec goals

The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, addressed the closed-door session of the Organization of the Petroleum Exporting Countries at Riyadh, reiterating UAE's commitment to continue supplying oil to the international market.

Shaikh 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 emphasized for developing clean, safe and cheap alternative sources of energy. Opec's role and policy aimed at maintaining the interests of producers and consumers’ as well as maintaining stability in the world oil market was commended. UAE announced that it would contribute $150 million to back up scientific research in the field of energy, environment and climatic change. UAE's pledge was made in a closed-door session of the Heads of State of Opec member countries in Riyadh.
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