Mubasher: The Organization of the Petroleum Exporting Countries (OPEC) is able to achieve oil market needs over the coming period, secretary general Mohammed Barkindo said on the sidelines of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

The gap between supply and demand in the oil market is expected to increase during the next year, Barkindo added.

Earlier on Monday, the UAE's energy minister Suhail al-Mazrouei stated that OPEC’s member countries, especially his nation and Saudi Arabia, are ready to meet the global market’s needs even after cutting crude supplies.

Al-Mazrouei forecast the continuation of production cut, noting that that the oil industry needs more investment opportunities.

On a related note, Saudi Aramco inked a memorandum of understanding (MoU) with Abu Dhabi National Oil Company (ADNOC) to explore investment opportunities in the gas sector.

ADIPEC 20th edition which started on Monday, 12 November, and would end on Thursday, 15 November focuses on using cutting-edge technology in the oil and gas industry, along with its contribution to raising production and enhancing its quality.