This year, OPEC+ will prepare a draft agreement on cooperation after 2018. This was announced by the UAE Minister of energy, Chairman of the conference OPEC Suheil al Mazroui on IP Week (international oil week), organized by the British Institute of energy, TASS reports.
"The draft Charter of our joint cooperation is being formed. We hope that we will be able to discuss this with the Ministers and hopefully reach an agreement this year. If we achieve this, it will strengthen OPEC," he said.
"Of course, for my part, as the President of the conference [OPEC] this year, and the Secretary General, there is a desire to try to establish common principles on how we will continue to work together," Suheil al Mazroui added.
"This year we continue this cooperation in order to maintain the balance of the market. The level of understanding, cooperation, mutual interest and mutual achievements, which contributed to the balancing of the market and the entire world energy, allows us to hope that we will develop something that will be accepted by all," the Minister said.
The energy sector of the world economy should attract more than $10 trillion in investment to provide enough energy over the next two decades, al Mazroui said.
Meanwhile, as it was stated on Tuesday by BP head Robert Dudley acting at the conference, the share of oil consumption will continue to be very significant by 2040. "If the current trend continues, then by 2040 we expect that the use of non-fossil fuels should grow to one fourth of the world's energy balance. The other three quarters of the supplies will fall on oil, gas and coal," he said.
"In the case of a faster transition, under the Paris climate agreement, oil and gas together will account for 40% of the energy balance by 2040. The world is not on the way to renewable energy sources, but on the way to reducing emissions," Dudley said.
The Minister of energy, industry and mineral resources of Saudi Arabia Khaled bin Abdul Aziz al-Faleh said earlier that Riyadh believes it is necessary to invest "trillions of dollars" in mining projects now in order to ensure stable supply in the oil market in the future.