UAE energy minister says committed to support balance in oil market

UAE energy minister says committed to support balance in oil market

The United Arab Emirates’ Minister of Energy and Infrastructure Suhail al-Mazrouei said that the Gulf country is dedicated to supporting balance in the oil market, the official Emirates News Agency (WAM) reported on Saturday.

Al-Mazrouei’s comments were made to WAM on the sidelines of the Global Energy Forum in Abu Dhabi, which kicked off on Saturday.

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The minister reaffirmed the country’s dedication to maintaining a stable oil market and reaching its production target of 5 million barrels per day by 2027 and emphasized the importance of investing in gas exploration and production.

“Price variations have a significant impact on the economies of many countries, and since there is such a high demand for gas, we hope for new projects to be launched in this sector,” he said.

Al-Mazrouei highlighted the importance of trans-country natural gas pipelines such as the Dolphin Gas Pipeline project, a landmark initiative between Qatar, the UAE and Oman that promotes energy security and integration among Gulf countries.

The minister further mentioned that external geopolitical factors can impact the global energy landscape and expressed optimism for more stability and lower gas prices in the coming year 2023.

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