The UAE opens its annual oil-and-gas summit, pledging to increase output even as prices have fallen

Date:

Share post:


ABU DHABI, United Arab Emirates (AP) — The United Arab Emirates opened its annual oil-and-gas summit on Monday with pledges to increase 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 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.

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.

Suhail al-Mazrouei, the Emirates’ minister of energy and infrastructure, 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

Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

Recent posts

Related articles

Here's What the Latest Science Tells Us About Ivermectin

EARLY IN THE Covid pandemic, some medicines got reputations for potentially being able to treat the virus,...

Deadly bomb cyclone hits Pacific Northwest, bringing high winds and devastating damage

At least two people have died after a bomb cyclone slammed into the Pacific Northwest, snapping tree...

Weekend storm dishes another brutal blast of winter to the Prairies

There's no easing into winter across the Prairies this week, as back-to-back storm systems bring plunging temperatures,...

Winter Weather Advisory issued for parts of area; Latest track, timing, impacts for snow

Snow showers are likely on Thursday for the snowflakes of the season.The National Weather Service has issued...

Russia says new US base in Poland raises overall nuclear danger

MOSCOW/WARSAW (Reuters) -Russia said on Thursday that a new U.S. ballistic missile defence base in northern Poland...

North Carolina GOP lawmakers vote to strip incoming Democratic leaders' powers

North Carolina Republican lawmakers voted to strip the state’s incoming Democratic governor and attorney general of key...

Twin Cities roads 'glare ice,' local sheriff advises limited travel

Snow coupled with temps dipping below freezing has led to very slippery road conditions in Minnesota, namely...

Missing Hawaii woman’s family alarmed over new info: ‘She’s not alone’

HONOLULU (KHON2) — It has been nine days since Hannah Kobayashi’s cell phone was last located at...