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Even as the world seeks more renewable energy, the United Arab Emirates remains committed to investing in oil and gas.
Sultan Ahmed Jaber, UAE Minister of Industry and Advanced Technology, spoke at the Abu Dhabi International Petroleum Exhibition (ADIPEC) today. The meeting will continue through Thursday. In his opening remarks, the minister warned against abandoning hydrocarbon energy sources in the current economic climate.
“It is not now to point to the long-term Underinvestment in oil and gas make a difficult situation worse,” Jaber said of the shock to the energy supply chain following Russia’s invasion of Ukraine.
The minister warned attendees against “zeroing out” hydrocarbon investments, saying it would result in the loss of millions of barrels of oil a day.
“This will make the shock we’ve had this year feel like a slight tremor,” he added.
Meanwhile, Jaber supports exploring forms of renewable energy, noting that much of the world lacks reliable electricity.
“It’s not oil, gas, solar, wind, nuclear or hydrogen,” he said. “All of the above.”
Saudi Energy Minister Prince Abdulaziz bin Salman made similar remarks at ADIPEC.
“We and the UAE are increasing our production capacity. We and the UAE are increasing our refining…but also achieving all Sustainable Development Goals,” Salman said.
This year’s conference also includes a greater focus on reducing carbon emissions. To this end, ADIPEC added “decarbonization zoneThe forum. Sponsors include the Environmental Protection Fund advocacy group and the Brussels-based Hydrogen Council, as well as oil companies such as Baker Hughes.
Hydrogen is of particular interest as an energy source. The first day of ADIPEC started with “Hydrogen panel. Participants include ammonia producer Fertiglobe and oil giant Shell.
The Abu Dhabi National Oil Company (ADNOC) also announced today during the meeting Reduce its “methane target”. Like carbon dioxide, methane is a greenhouse gas that many scientists believe causes climate change.
Why it matters: The comments by the UAE and Saudi energy ministers come as the international community looks to reduce carbon emissions and pay more attention to renewable energy. As members of the OPEC+ alliance, the two countries are also at odds with the United States over President Joe Biden’s efforts to get them to ramp up oil production.Earlier this month, the cartel approved a slash production to keep prices high.
ADIPEC’s focus on hydrogen is also in line with the UAE’s energy policy. In May, ADNOC established a Hydrogen Partnership with BP.
understand more: Indian Oil and Gas Minister Hardeep Singh Puri has warned against high oil prices at ADIPEC.
“If you raise prices from here, the only response is that the recession will be deeper and more protracted,” he told Bloomberg.
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