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25 February 2024

UAE committed to supporting balance in oil market: Suhail Al Mazrouei


Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has emphasised the importance of accelerating new investments to meet rising energy demand as a number of OPEC + member countries cut output.

In statements to the Emirates News Agency (WAM) on the sidelines of the Global Energy Forum, which began today in Abu Dhabi, the minister affirmed the UAE's commitment to providing the necessary support to ensure a balanced oil market in line with its plan to advance the 5 million bpd production target to 2027.

Emphasising the importance of accelerating investments in gas exploration and production, being a key source of energy, the minister said that the world requires trans-country natural gas pipelines, such as the Dolphin Gas Pipeline project, a natural gas project between Qatar, the UAE and Oman that was the first of its kind to contribute to improved energy security and integration among Gulf countries.

He added that there are geopolitical factors in the region and around the world that influence the global energy map, expressing his hope that the current year 2023 would see more stability in the energy markets, as well as a decline in gas prices and volatility.

“Price variations have a significant impact on the economies of many countries, and since there is such a high demand for gas, we hope for new projects to be launched in this sector,” the minister added.