UAE: Opec+ keen on supplying world with oil it needs, says top minister

Opec+ is keen on supplying the world with the oil it needs and maintain balance in the market, a top Emirati minister said in Abu Dhabi.

During Abu Dhabi International Petroleum Exhibition and Conference (Adipec) 2022, Suhail Al Mazrouei, Minister of Energy and Infrastructure, noted that the challenge that the world is facing is more than just oil.

“We need to look at gas, the whole spectrum of energy. And more than anything else, we need to focus on ensuring that we have enough efforts in renewable energy, hydrogen and others. We in the UAE as well as our fellow colleagues in OPEC+ are keen on supplying the world with the requirements it needs. But at the same time we are not the only producers in the world,” the minister said while urging other players to invest and encourage investment into renewables.

“For us in the UAE, we are doing everything we can to supply the world. We are focused on diversifying the energy sources and reducing our emission as well as reducing the consumption.”

Early this month, Opec agreed to cut its production by two million barrels of oil a day. Asked if Opec+ was a phone call away if the demand grows, Al Mazrouei said: “Well, that is always the case. We have a mechanism to get together if the requirements are there. This technical organisation is always going to stay as a trusted technical organisation taking a decision and doing its best to balance the supply and demand. That is our commitment. And if there is a requirement, like we have done it so many times in the past, we are only a phone call away if the requirements are there. We have said this so many times before.”

Meanwhile, Amos Hochstein, Special Presidential Coordinator from the US, underlined a need to ensure a sufficient energy supply to maintain global economic growth, including investment in carbon efficient production and refining, and accelerating the transition to a cleaner, healthier and more diversified and decarbonised energy system.

“This is a global crisis and requires global solutions. Regardless of where you are on the energy spectrum, we must all invest and innovate towards achieving a more decarbonised net-zero world.”

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