Saudi, UAE say oil demand not going away, days before COP27 climate talks

Saudi, UAE say oil demand not going away, days before COP27 climate talks

ABU DHABI: Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production on Monday, just days before the COP27 climate summit aimed at curbing global warming. Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy that would make recent convulsions look like a “minor tremor”. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.

They were addressing the ADIPEC oil conference in Abu Dhabi, before COP27 opens in Egypt on November 6. “We and the UAE are increasing our production capacity. We and the UAE are increasing our refining,” Prince Abdulaziz said. “We and the UAE are going to be the exemplary producer: hydrocarbon producer, but also achieve all the sustainability goals,” he added.

Sultan Al Jaber, ADNOC’s managing director and group CEO, and also the UAE’s special envoy for climate change, said the world’s growing population would need 30 percent more energy by 2050. “The world needs all the solutions it can get. It is not oil and gas, or solar, not wind or nuclear, or hydrogen… it is all of the above,” Al