A new round of heavy oil investments will be required if the world is to avoid another cycle of high oil prices, Minister of Energy Mohammed bin Dhaen Al Hamli said yesterday.
Recent production cuts by Opec have led to oil prices stabilising at $50 a barrel, a level which will provide support to the global economy while allowing some room for investment, Al Hamli told an energy conference in Dubai. The UAE will not drop its expansion projects in the wake of the economic slump, he said. Al Hamli said the UAE is aiming to have a production capacity of 3.5 million barrels a day in the near future. (With inputs from Wam)
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