We continue to invest more in oil to raise production: Sheikh Khalifa

President H.H. Sheikh Khalifa bin Zayed Al Nahyan has said that the UAE has remained committed to supplying oil to the international market and continue to invest more on oil to raise production capacity. "We in the United Arab Emirate, like other member countries of OPEC, do believe in the continuous supply of crude oil to the world market. We also believe in the need to invest more to boost production, but we also believe in the need to ensure security of demand against the security of supply," Sheikh Khalifa said in a statement to the press soon on arrival here for the summit of the Organisation of Petroleum Exporting Countries (OPEC) which opened yesterday.

He said for the past 47 years of the founding of OPEC, the organisation had proven its ability to positively deal with various developments on the oil market and the global economy, adding that OPEC was able to achieve a balance on the oil market, pumping adequate supplies on the market to ensure steady global economic growth.

"We are very confident that the convening of the 3rd OPEC summit under the chairmanship of the Custodian of the Two Holy Shrines and in this particular time will be successful. It will boost the role and credibility of the organisation at the international level as an organisation that plays a vital role in achieving stability on the oil market," the statement added. He expressed happiness and profound gratitude to King Abdullah bin Abdul Aziz Al Saud of Saudi Arabia for inviting him to participate in the summit. (Emirates News Agency, WAM)