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ABU DHABI, Jan 14 (Reuters) – The world will long-term need natural gas amid a global energy transition, with more investment needed to ensure supply security and affordable supply, the energy ministers of Qatar and the United Arab Emirates said on Saturday. price.
Qatar’s energy minister, Saad al-Kaabi, told the Atlantic Council’s Global Energy Summit that a mild winter in Europe had pushed prices down, but the volatility would “continue for a while” given that there were not many gas supplies Enter the market until 2025.
“The question is what happens when they (Europe) want to restock in the coming year and next year,” he said, adding that energy producers were worried about demand destruction.
Qatar is one of the world’s largest producers of liquefied natural gas. The UAE, an OPEC producer, is stepping up its focus on the gas market as Europe seeks alternatives to Russia’s energy imports as supply dwindles as Western sanctions against Moscow over its invasion of Ukraine curb supply.
The Qatari minister said he believed Russian gas would eventually return to Europe.
Speaking at the same panel in Abu Dhabi, UAE Energy Minister Suhail al-Mazrouei agreed that “for a long time, gas will be there” and that while more renewables will be installed, more investment will be needed to Natural gas as base load.
“The world needs to think about resources and how to get companies to produce more gas that’s available and affordable for people,” Mazrouei said.
Kaabi says gas is “not a transition fuel” but a destination fuel as part of its green energy push, with some in the West saying African countries shouldn’t be unfair when oil and gas drilling is important to them The economy and the world need more supply.
Mazrouei said “unclear” strategies in many countries made it difficult for them to commit to long-term gas contracts, which in turn made it difficult for energy companies to obtain financing to invest in developing capacity.
Reporting by Yousef Saba and Rachna Uppal; Writing by Ghaida Ghantous; Editing by Tom Hogue and Mark Heinrich
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