The UAE opens its annual oil-and-gas summit at it pledges to increase output even as prices fall

Date:

Share post:


ABU DHABI, United Arab Emirates — The United Arab Emirates opened its annual oil-and-gas summit on Monday as it pledged to increase the country’s energy output even as global prices have fallen and world politics remain uncertain ahead of the U.S. presidential election.

The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels — the first time the conference made that crucial pledge.

But the UAE as a whole still plans to increase its production capacity of oil to 5 million barrels a day in the coming years as it pursues more cleaner energies at home. Meanwhile, UAE officials have made a point to dodge any questions about the U.S. election while maintaining their close ties to Russia despite Moscow’s war on Ukraine.

“Allow me to say that we in the United Arab Emirates will always choose partnership over polarization, dialogue over division and peace over provocation,” said Sultan al-Jaber, who heads the state-run Abu Dhabi National Oil Co. and who also led the COP28 talks in Dubai.

Crude oil prices have been depressed this year. Benchmark Brent crude traded around $74 a barrel on Monday as prices have dropped after concerns over the ongoing Mideast wars growing into a regional conflict faded in recent days.

But slowing economic growth in China and ample supply in the market are additionally dragging down prices.

In his speech opening the summit, al-Jaber pointed to artificial intelligence as a future technology that could be deployed by the energy industry — and one with a voracious appetite for electricity.

“No single source of energy is going to be enough to meet this demand,” he said. He called for a variety of energy sources to meet that challenge, including fossil fuels.

“Oil will continue to be used for fuel and as a building block for many essential products,” al-Jaber added.

Scientists have called for drastically slashing the world’s emissions by nearly half in the coming years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times.

Suhail al-Mazrouei, the Emirates’ minister of energy and infrastructure, separately stressed that “investments in the oil and gas need to be taken care of” to support demand in the market.

“We are committed to invest in making more resources in the future to ensure the world will have adequate oil and gas resources,” he said.

Hardeep Singh Puri, India’s minister of petroleum and natural gas, separately made a point to criticize what he described as his “ideologically motivated colleagues” who sought an end to fossil fuel production.

“As we accelerate other green energy transition, we will still need affordable traditional energy, at least for two decades, if not longer,” he said.

Politics was also close at hand at the summit on Monday. Whispers among the crowd attending the opening pondered who would be better for their businesses, Vice President Kamala Harris or former President Donald Trump.

Al-Mazrouei dodged the first question by a presenter over whether his country preferred Trump or Harris.

“Of course, we will be discussing energy politics here and I (would) rather not … talk about the election in the United States,” al-Mazrouei said. “As a political contest, we wish both candidates the best.”

The UAE maintains close ties to Russia despite Western sanctions over Moscow’s war. An announcer told the crowd where to find Russian translation for the event, while one of the main partners of the summit was Lukoil, Russia’s largest non-state oil firm.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day

NEW YORK -- Shares were mixed in Asia early Tuesday after U.S. stock indexes drifted lower a...

Company vows to sue over damages after New Mexico authorities destroy cannabis crops

ALBUQUERQUE, N.M. -- State police have destroyed tens of thousands of pounds of marijuana plants at greenhouses...

A courtroom of relief: FBI recovers funds for victims of scammed banker

WICHITA, KANSAS -- Sobs of relief broke out in a federal courtroom in Kansas on Monday as...

A former Six Flags park is finally being demolished after Hurricane Katrina's devastation

NEW ORLEANS -- New Orleans' former Six Flags theme park, which shuttered in the wake of Hurricane...

You may have blocked someone on X but now they can see your public posts anyway

Elon Musk’s X has been modified so that accounts you’ve blocked on the social media platform can...

China files complaint at World Trade Organization over EU tariffs on Chinese electric vehicles

FILE - European Executive Vice President and Commissioner for Economy and Trade Valdis Dombrovskis speaks during a...

US agency ends investigation into Ford engine failures after recall and warranty extension

DETROIT -- The U.S. government's auto safety regulator has ended a 2 1/2-year investigation into Ford engine...

If you want to stretch your gift game into days this holiday, check out these advent calendars

The advent calendar phenomenon is growing every year, with so many exciting, fun, beautiful, and delicious options...