Suhail Al Mazrouei emphasizes OPEC+’s commitment to maintaining oil market stability by closely monitoring various variables.
Suhail bin Mohammed Al Mazrouei, the Minister of Energy and Infrastructure, has emphasized the commitment of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies in OPEC+ to maintain market balance and stability. The goal is to prevent an excessive accumulation of global oil inventories that could lead to market instability and speculative activities. Al Mazrouei made these remarks in an interview with the Emirates News Agency (WAM) ahead of the 8th OPEC International Seminar, scheduled to be held in Vienna, Austria.
The minister highlighted that OPEC’s technical team continuously monitors various factors in global oil markets and presents recommendations to the ministerial committee. This collaborative effort helps in making appropriate decisions to improve market stability and promote sustainable growth. The 8th edition of the OPEC International Seminar, themed “Towards a Sustainable and Inclusive Energy Transition,” is a significant global platform for forecasting and shaping the future of the energy sector. It brings together oil-producing and consuming countries, industry leaders, and experts from around the world.
Al Mazrouei noted that the seminar will contribute to a fair and realistic energy transition, ensuring reliable energy supplies through the utilization of cutting-edge technology solutions. He also highlighted the completion of the UAE Energy Strategy 2050 and the development of the hydrogen strategy, aligning with the UAE’s efforts to achieve climate neutrality by 2050. These strategies focus on expanding renewable energy usage, implementing projects in hydrogen energy and waste-to-energy conversion, and attracting investments in the energy and advanced technology sectors. The aim is to support climate action, achieve sustainable economic growth, and align with the UAE’s preparations to host the 28th Conference of the Parties (COP28) at the end of 2023 in Dubai.
The minister emphasized the UAE’s progress in its energy transition, as evident in the Green Future Index 2023, where the country has risen to the second position globally. He highlighted the UAE’s commitment to diversifying its economy and transitioning to a sustainable energy mix. The UAE has harnessed its natural resources in the oil and gas sector while prioritizing the development of renewable energy sources such as solar, nuclear, and hydrogen. The government encourages investments in these sectors, contributing to the country’s leadership in the global energy sector.
Al Mazrouei reaffirmed the UAE’s commitment to sustainability and transitioning to cleaner energy sources. The UAE Energy Strategy 2050 aims to promote investment in renewable and clean energy projects and raise awareness about the importance of sustainable development. The UAE has invested over $50 billion in clean energy projects across 70 countries and pledged an additional $50 billion in clean energy investments over the next decade. The country has also provided grants and concessional loans exceeding $1.5 billion for renewable energy projects, particularly in developing island nations.
Moreover, the UAE announced the UAE-US Partnership for Accelerating Clean Energy (PACE) in 2022, with the objective of attracting $100 billion in financing for clean energy deployment. The initiative aims to achieve 100GW of clean energy capacity in the US, UAE, and emerging economies worldwide by 2035.
The statements by Minister Al Mazrouei underscore the UAE’s commitment to sustainable energy practices, innovation, and international collaboration. By implementing forward-thinking strategies and investments, the UAE aims to drive the transition to a greener and more sustainable future while contributing to global efforts to combat climate change.
