Demand and need for oil and gas will always remain – UAE top official

Demand and need for oil and gas will always remain – UAE top official

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Oil and gas will always play a role in global energy requirements, according to the Undersecretary for Energy and Petroleum Affairs at the UAE Ministry of Energy and Infrastructure.

"There are lot of organisations, individuals and institutions that have their own perceptions on when oil will hit its peak. Some even today believe that we are at that stage. Others believe that over the next 10 to 15 years is when we will see oil hitting its peak. The demand and requirement for oil and gas will always remain. It's not just going to disappear. But investments should continue in the oil and gas sector," Sharif Al Olama, said during a panel discussion at the Global Energy Forum on Monday.

Oil prices fell on Tuesday, extending losses from Monday as Ukraine and Russia headed for peace talks and on fears of low fuel demand in China after Shanghai shut down to curb increasing COVID-19 cases.

Brent crude futures were trading down $1.18, or 1.1 percent, at $111.30 a barrel at 0348 GMT, having dipped as low as $109.97, Reuters reported.

According to Abu Dhabi National Oil Company (ADNOC) CEO, Sultan Ahmed Al Jaber, markets are seen tightening in the near-term, with oil demand up