An Abu Dhabi government official Thursday called for a set of "balanced business rules," by which both oil consuming nations and oil producing states can do business, to be introduced to stabilize the market.
"To ensure economic stability we need both industrialized oil consuming nations and oil producing nations to work together so that it is a win-win situation," Mohammed Omar Abdullah, Undersecretary at the Abu Dhabi Department of Economy and Planning, told Zawya Dow Jones in an interview in Abu Dhabi.
Other areas in which Abdullah hopes for better cooperation include the sharing of technical knowledge held by industrialized states on how to maximize efficiencies and develop greener production mechanisms, he said at the Adipec 2008 oil and gas exhibition and conference.
"The sharing of better technological know-how will benefit both consumers and producers, and make production cheaper and more effective as it will ease oil exploration and development," Abdullah said.
Another issue Abdullah highlighted is excessive consumption of limited energy resources.
"Oil is a finite asset so we should consider this as producers and consumers in order to sustain the world economy in the coming decades," Abdullah said.
About 86 million barrels of crude oil are consumed globally each day, 40% of which is being supplied by the Organization of Petroleum Exporting Countries. The U.A.E. is OPEC's third-largest crude exporter after Saudi Arabia and Iran.