Abu Dhabi, UAE— The UAE has stressed the need for speeding up new investments in the energy sector in order to meet rising global demand as a number of OPEC+ member countries cut output.
Speaking on the sidelines of the Global Energy Forum in Abu Dhab, Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, 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.
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Emphasizing 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.