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Friday, May 17, 2024
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External geopolitics affect oil supply stability and security

External geopolitical factors are pressuring OPEC and OPEC+ countries, who control 80.4% of global oil reserves, to ensure supply stability and security, said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.

Speaking at the Energy Talk during Adipec 2023, he stressed the need for understanding evolving energy market dynamics and making investments to maintain demand-supply balance.

Al Mazrouei highlighted the UAE’s efforts to diversify its energy sources, including renewables and gas projects, to meet rising energy demand and contribute to a sustainable future.

The Ghasha mega-project, aiming for gas self-sufficiency by 2030, is a key initiative.

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