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Emirates News Agency – UAE committed to supporting balance in oil market: Suhail Al Mazrouei

Emirates News Agency – UAE committed to supporting balance in oil market: Suhail Al Mazrouei

ABU DHABI, 14th January, 2023 (WAM) — Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has stressed the importance of accelerating new investments to meet rising energy demand, as many OPEC+ members cut output.

In a statement to the Emirates News Agency (WAM) on the sidelines of the Global Energy Forum in Abu Dhabi today, the minister affirmed the UAE’s commitment to provide the necessary support to ensure the balance of the oil market is in line with its plan to move forward with a 5 million barrels per barrel by 2027 daily production target.

Stressing the importance of accelerating investment in the exploration and production of natural gas, a vital source of energy, the minister said the world needs transnational gas pipelines such as the Dolphin gas pipeline project, a gas project between Qatar and the UAE Oman pioneered for Contribute to improving energy security and integration in the Gulf States.

Geopolitical factors in the region and around the world shape the global energy landscape, he added, expressing his hope for more stable energy markets by 2023, with lower gas prices and volatility.

“Price changes have a major impact on the economies of many countries and since the demand for natural gas is so high, we want to launch new projects in this area,” the minister added.

hatem muhammad

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