UAE Says to Continue Investing in Energy Sector

UAE Says to Continue Investing in Energy Sector

UAE Energy Minister Suhail al-Mazrouei during his participation in the Energy Week in Moscow (WAM)

UAE Energy Minister Suhail al-Mazrouei said his country continues to invest in the energy sector to meet growing demand and ensure stability in global markets.

The statement came during his participation at a Russian energy forum in Moscow on Oct-13-15.

Mazrouei stressed that it is “important to keep balance on the market”.

He added that the country laid plans to fight climate change on several levels, thanks to the long-term vision of the leadership towards a sustainable future.

In this context, oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.

Brent crude futures were up 86 cents, to $84.86 a barrel. Prices earlier touched their highest since October 2018 at $85.10 and are set to climb for the sixth straight week, heading for a 3 percent hike this week.

The price of intermediate oil in Texas (WTI) closed this Friday with a rise of 1.2 percent and stood at 82.28 dollars. The crude was up 3.5 percent on the week in an eighth consecutive weekly rise.

Demand has