UAE Energy & Industry Minister Suhail al-Mazrouei told the opening conference of the International Petroleum Week in London on 20 February that Opec is drafting a charter that will establish a long-term partnership among the 24 nations that renewed the Opec-non-Opec production restraint deal in November.

He also said that the hydrocarbon industry needs around $10trn of investment by 2040 if it’s to meet global demand for coal, oil and gas.

“The (24-nation Opec-non-Opec) group has created enormous trust and we have delivered more than 100 per cent of what we promised,” Al-Mazrouei said. “We are continuing that co-operation to maintain that market balance. The level of understanding and co-operation … gives us hope that we will be able to draft something acceptable to everyone.”

“The charter is in a draft form,” Al-Mazrouei said. “We are hoping we can discuss this with the ministers during this year. But even if it takes more time, there is ... potential. If we can achieve this it will strengthen the group. We are a group of responsible producers and we want to deliver market stability for the benefit for the whole world.”

The original agreement called for Opec and non-Opec nations to reduce total production by around 1.8 million barrels a day until June 2017. This was extended to the end of the first quarter of 2018. The deal was then amended last November to encompass the whole of the year.

The 24 countries delivered 107 per cent of the monthly target in 2018.  Opec has said this rose to 133 per cent in January 2018.

The agreement has helped lift oil prices which have averaged more than $60 a barrel so far this year.

Al-Mazrouei warned that the world is not investing enough in hydrocarbon production despite forecasts that fossil fuels will continue to account for the largest portion of world energy demand in 2040 and beyond.

He said that the industry needs to invest $10trn to meet demand.