Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, opened the 39th edition of the ADIPEC Exhibition and Conference. Sheikh Mansour bin Zayed hailed the enormous efforts made by President His Highness Sheikh Mohamed to enhance the UAE's leading strategic position globally in the energy sector, pointing at the country's pioneering role and its endeavours in this vital sector so that the country has become one of the most prominent countries in the world in this sector.
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As crude oil approaches $100 per barrel, ministers and industry leaders convene at the largest Middle East energy conference, discussing the sustainability of these prices and the future of OPEC+ supply cuts. Above, visitors during the Abu Dhabi International Petroleum Exhbition and Conference at ADNEC in Abu Dhabi.
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UAE Energy Minister Suhail Al Mazrouei highlighted a decline in global oil industry capacity due to insufficient investments in recent years. Above, visitors at the CNPC Pavilion.
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The Minister dismissed concerns regarding rising oil prices, asserting that higher crude prices are necessary to justify new investments. Above, Aramco Pavilion at Abu Dhabi International Petroleum Exhibition Conference
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Starting in 2025, OPEC+ production quotas will be determined based on up-to-date capacity figures rather than outdated data, according to Al Mazrouei on Monday. Above, delegates at ADNOC stand at ADIPEC 2023 at Abu Dhabi National Exhibition Center (ADNEC) in Abu Dhabi.
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He affirmed that OPEC+ currently implements the correct policy for the oil market and emphasized that without increased industry investment, prices will continue to rise and clarified that OPEC has not set a specific price target.
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By 2030, the world will be home to an additional half a billion people, demanding more energy every year. At the same time, the global challenge of climate change calls for urgent, game-changing solutions to eliminate emissions
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Visitors stand near a Rabdan car at Abu Dhabi International Progressive Energy Congress (ADIPEC), in Abu Dhabi.
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According to the International Renewable Energy Agency, global investments in energy transition technologies must quadruple to $35 trillion by 2030 to stay in line with commitments made under the Paris Climate Agreement.
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US interest rates needn’t be the only benchmark that is likely to have a ‘higher for longer’ outlook. The way oil prices have been behaving of late, it’s likely that this commodity too might just do the same.
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He affirmed that OPEC+ currently implements the correct policy for the oil market and emphasized that without increased industry investment, prices will continue to rise and clarified that OPEC has not set a specific price target.
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With OPEC+ meeting this week, ‘no changes are expected to the outlook policy (and) the rising demand and falling supply continue to support higher oil prices’ is how the Swissquote Bank senior analyst Ipek Ozkardeskaya puts it.
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That’s then about the short-term price prospects. Oil is hovering just above $91 to the barrel early Monday.
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But the energy industry’s mega-event ADIPEC, which opened today in Abu Dhabi, will have its focus and all the talking points directed towards the future. A future where sustainability is twined with the energy needs of the global population. For the UAE, there is another goal looming on the horizon - and which will get more real between now and 27 years down the line. In other words, that’s how the ‘Net Zero’ will shape up, which is when a fine balance is sought to be achieved between carbon emissions - and its removal.
Image Credit: Afra Mubarak Al Nofeli/Gulf News
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