Abu Dhabi will play its role in oil price stability: Al Mazroui
Abu Dhabi - Sharp fluctuations in oil not good for world economy.
Abu Dhabi, which has played its key role in the political stability of the region, will also play a key role in the stability of the oil market in the future, says the UAE Minister of Energy Suhail bin Mohammed Faraj Al Mazroui.
"It does not means spending like crazy.We are spending wisely," regardless of the prices," the minister said while concluding the four-day Abu Dhabi International Petroleum Conference and Exhibition 2015, which concluded here on Thursday evening.
The minister said while the UAE is continuing with the oil and gas projects, elsewhere projects valuing $130 billion have been put on hold or delayed this year.
He was optimistic that the oil prices will come back as the UAE is working for the stability in the oil markets. The minister was of the view that these sharp fluctuations in the oil prices are not good for the world economy and the market.
Elaborating his point on the market stability, Al Mazroui said, the UAE is investing when others are cancelling projects that means that who invested in the difficult times are going to be ready to unload their productions to the market when there's a need for it to stablise the market. "And that's the role the players like UAE, KSA will play as this is the buffer we always built for us to enable that balance to happen," Al Mazroui said.
Asked to comment on the upcoming Opec meeting taking place in Vienna on December 4, he said:"We as a group take decisions and discuss issues candidly," after reviewing analyst's reports. The minister said that Opec members will contribute to the stability of the market, as Abdullah El Badri the general secretary of the Opec said in his speech at the Adipec.
Al Mazroui said all member nations have to contribute their role in the stability of the market. "We are hopeful that the year 2016 will be the year of correction. But for that to happen everyone has to contribute to it," the minister said. The UAE is always ready to do its part and would cooperate with all other parties to make it happen, Al Mazroui said. Earlier, speaking at the concluding session, the minister said that the UAE's leadership thinks about the problems much before they mature. When the country had a natural gas shortfall in the last decade to meet its industrial requirements, the UAE sourced it from Qatar, which was a very strange idea for many, at that time. Likewise, when there was energy issue, the leadership decided for the nuclear power to boost its electricity output in the future.
He said that it took few years from conception stage to the construction, which showed that they are "doers."
The minister said that the leadership is working on the solutions to the issues they would confront in 2030. - firstname.lastname@example.org