As per a latest announcement made by the UAE's envoy to OPEC, he has labeled the entity as a central bank for the world's oil supply.

Ali al Yabhouni, the UAE's OPEC governor said that OPEC is currently acting as a central bank for the world and is of a view that whenever the market is running short or is in a situation where the oil is oversupplied and prices are going through huge volatility, OPEC comes into the picture to take control of the situation.

Al Yabhouni also added the fact that OPEC as of now has enough members on its end with a large enough share of the world energy market which also has its supplies other than oil to fulfill that role.

There s no denying to the fact that whenever there is a citation to a cartel, OPEC made its way on to the list and the minister also mentioned the fact that his own views were shaped only after he after beginning his work in the energy industry in his home country and is now getting to see the big picture.