OPEC+ works to keep oil market stable by monitoring variables, UAE minister says – News

OPEC international symposium will contribute to fair, realistic energy transition towards more sustainable future, says Sohail bin Mohammad Mazrou

Suhail bin Mohammad Faraj Al Mazrouei, UAE Minister of Energy. – Profile photo

Suhail bin Mohammad Al Mazrouei, UAE Minister of Energy and Infrastructure, said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies OPEC+ have always worked hard to ensure a fundamental balance between supply and demand in the market and to avoid the build-up of global oil inventories that could lead to a global market Instability and speculation.

Al Mazrouei said in a statement to the Emirates News Agency (Wam) ahead of the 8th OPEC International Symposium in Vienna on Wednesday that OPEC’s technical teams constantly monitor variables in the global oil market and make recommendations to the ministerial committee on what to do. Appropriate decisions can help improve market stability and drive sustainable growth.

The 8th OPEC International Symposium will be themed “Towards a Sustainable and Inclusive Energy Transition” and will be an important global platform to predict and shape the future of the global energy industry, with participation from both oil producing and consuming countries, he added, from Countries, energy sector leaders and experts from around the world.

It will also contribute to a fair and realistic energy transition towards a more sustainable future and ensure a reliable energy supply by utilizing the latest technological solutions in this important field, he continued.

Regarding the update of the National Energy and Hydrogen Strategy, Al Mazrouei highlighted that the Ministry of Energy and Infrastructure has finalized the update of the UAE Energy Strategy 2050 and the formulation of the Hydrogen Strategy announced on Monday.

Both strategies are in line with the UAE’s efforts to achieve climate neutrality by 2050 by expanding the use of renewable energy, implementing new projects in areas such as hydrogen and waste-to-energy, and encouraging investment in energy and advanced technologies. The investment will support the country’s climate and enable sustainable economic growth in various sectors, he said.

He also noted that both strategies are key tools for increasing reliance on clean energy and improving efficiency-enhancing technologies, which are strategic priorities for the UAE, especially in support of its climate action efforts and as it prepares to host the 28th General Assembly. The Conference of the Parties (COP28) will be held in Dubai Expo City at the end of 2023, with many countries participating.

Regarding the UAE’s energy transition, Al Mazrouei said that the 2023 Green Future Index shows that the UAE has made significant progress, moving up eight places from the previous year to rank second globally.

He added that in recent decades, the UAE has witnessed a major energy transition, becoming a global leader in the application of modern technologies and innovations in the energy sector.

He also pointed out that the UAE has important natural resources in the field of oil and gas. Through a long-term strategy, the UAE has achieved economic diversification and transitioned to a more diversified and sustainable energy structure, with an increasing focus on the development of renewable energy. Energy sources such as solar, nuclear and hydrogen.

He added that the UAE government encourages investment in these strategic sectors and the country strengthens its position as a global leader in the energy sector due to its commitment to innovation and sustainable development.

Al Mazrouei affirmed the UAE’s commitment to drive sustainable development and transition to more sustainable energy sources, adding that this growth in the energy sector is expected to continue within the framework of the UAE Energy Strategy 2050, which aims to encourage Invest in energy projects for renewable and clean energy and raise awareness of the importance of achieving sustainable development.

Regarding the UAE’s investments in new and renewable energy, Al Mazrouei noted that the UAE has helped build a future-proof energy ecosystem through local and international investments in solar projects, peaceful nuclear technologies, carbon capture and storage solutions, and energy efficiency system.

The UAE has invested more than US$50 billion in clean energy projects in 70 countries and has committed to investing an additional US$50 billion in domestic and international clean energy projects over the next decade.

It also provided more than $1.5 billion in grants and concessional loans for renewable energy projects, including projects in 30 developing island nations, to improve access to electricity, meet a significant portion of energy demand, create jobs, support communities Develop and local economies, reduce pollution, and at the same time strengthen the ability of these countries to cope with climate change.

In November 2022, the UAE announced the establishment of the UAE-US Accelerated Clean Energy Partnership (PACE), which aims to attract US$100 billion in financing and deploy 100GW of clean energy in the US, the UAE and global emerging economies by 2035.