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UAE opens annual oil and gas summit, pledges to increase production even as prices have fallen
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UAE opens annual oil and gas summit, pledges to increase production even as prices have fallen

ABU DHABI – The United Arab Emirates opened its annual oil and gas summit on Monday with promises to increase energy production even as global prices have fallen and World politics remains uncertain. before the US presidential elections.

The huge Abu Dhabi International Petroleum Exhibition and Conference comes after the United Arab Emirates hosted the United Nations COP28 climate talks last year. Those conversations ended with A call from almost 200 countries to move away from planet-warming fossil fuels. – the first time the conference made that crucial promise.

But the UAE as a whole still plans to increase its oil production to 5 million barrels a day in the coming years as it seeks cleaner energy at home. Meanwhile, UAE officials have gone out of their way to dodge any questions about the US election while maintaining their close ties with Russia despite Moscow’s war against Ukraine.

“Let me say that in the United Arab Emirates we will always prefer partnership over polarization, dialogue over division and peace over provocation,” said Sultan al-Jaber, who heads the state-owned Abu Dhabi National Oil Co. and also headed the COP28 talks in Dubai.

Crude oil prices have been depressed this year. Benchmark Brent crude was trading around $74 a barrel on Monday as prices have fallen following concerns over The ongoing wars in the Middle East are turning into a regional conflict. It has faded in recent days.

But slowdown in economic growth in China and the wide supply on the market are also driving prices down.

In his opening speech at the summit, al-Jaber pointed to artificial intelligence as a future technology that could be implemented by the energy industry, and which has a voracious appetite for electricity.

“No single energy source will be sufficient to meet this demand,” he said.

Politics were also close at hand at Monday’s summit. Whispers among the crowd at the opening wondered who would be best for their business, Vice President Kamala Harris or former President Donald Trump.

Suhail al-Mazrouei, the Emirates’ minister of energy and infrastructure, dodged an anchor’s first question about whether his country preferred Trump or Harris.

“Of course, here we will discuss energy policy and I would prefer not to… talk about the elections in the United States,” al-Mazrouei said. “As a political race, we wish both candidates the best.”

The United Arab Emirates maintains close ties with Russia despite Western sanctions over Moscow’s war. An announcer told the crowd where to find Russian translation for the event, while one of the summit’s main partners was Lukoil, Russia’s largest non-state oil company.

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