The region needs more peace and stability to ensure the flow of oil supplies, said Mohammad Sanusi Barkindo, secretary general of the Organisation of the Petroleum Exporting Countries (Opec).

Barkindo noted that any tension that occurs in the region affects the whole world, reported UAE news agency Wam.

Opec secretary general made the remarks during the official launch of the project to establish the 250,000-barrels per day (bpd) capacity refinery to produce the International Maritime Organisation, IMO, 2020-compliant bunker fuel in Fujairah.

Barkindo added that it is too early to talk about Opec’s decision to continue to reduce the production of oil producing countries and their allies or not.

He pointed out that Opec still needs more accurate data on the market and that the final decision on whether to continue to reduce or not will be determined in June.

UAE-based Brooge Petroleum and Gas Investment yesterday unveiled a plan to build the refinery to produce IMO 2020-compliant bunker fuel in Fujairah, scheduled for completion by the first quarter of 2020.

From January 1, 2020, IMO will enforce its Marpol Annex VI regulation mandating all ocean-going vessels to burn bunker fuels with a maximum sulphur content of 0.5 per cent, down from the current limit of 3.5 per cent.

The refinery will be the first of its kind in the Middle East and North Africa to comply with the upcoming IMO 2020 regulation, added the report.