October 5, 2022

Dubai Week

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Suhail Al Masroui: The United Arab Emirates is part of the "OPEC +" and is bound by the decisions of the organization.

Suhail Al Masroui: The United Arab Emirates is part of the “OPEC +” and is bound by the decisions of the organization.

  • The world is in dire need of any oil production
  • We are currently exploring the possibility of establishing a local market for electricity within the country
  • The United Arab Emirates plans to increase its oil production to 5 million barrels per day by 2030.
  • Since the world needs this amount of oil, it is necessary not to supply oil from any country.

Dubai: Farooq Fayyat and (agencies)

Suhail bin Mohammed Al Masroui, Minister of Energy and Infrastructure, said: The United Arab Emirates is part of OPEC + and finds wisdom in adhering to the organization’s decisions to ensure market equilibrium. Energy supply safety is a priority.
On the sidelines of the Atlantic Council’s Global Energy Forum, he said that OPEC + will hold its meeting later this March and look forward to decisions that move away from political issues and reach a balance between supply and demand.
Minister of Energy and Infrastructure, OPEC + is a non-political organization that looks at supply and demand; We can not politicize the oil producing countries within the company, which will affect the stability of the market.
Al-Masrooi said: It is necessary to stop oil from any country because this amount of oil is very much needed by the world.
Al-Masroui called on the nations of the world to be prudent in handling the energy cup so that it does not affect the rise in global prices to new record levels.
Pointing out that the geopolitical events taking place in the world are affecting the entire supply chain in addition to the rise in food and basic commodity prices globally, he said that many countries in the world would be affected if a peaceful solution is not found through negotiations. Understandings as a result of current global events.
It is essential that oil does not come to any country
Al-Masroui said: The United Arab Emirates, thanks to the vision of wise leadership, has a strategy to maintain the security of supplies and the cost of electricity generated by gas. The United Arab Emirates will be self-sufficient in gas by 2030. According to the plans developed in this regard, environmental change in the energy sector will be studied and implemented in a systematic manner and is the result of foresight and wisdom. A rational leader who relies on proper planning for the future.
He added that the United Arab Emirates has a plan to increase its oil production to 5 million barrels per day by 2030. As we believe that the world needs these dimensions, as a testament to the clear vision of this decision, we continue to enhance the capacity and productivity to improve readiness.

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We cannot politically run oil producing countries within the system

Al-Masrooy stressed the importance of increasing investment in the energy sector and the continued involvement of international companies in investing in this strategic sector. We have seen reluctance from funders for oil and gas projects worldwide; After “COP 26”, the nations of the world today are calling for increased production, for which investors must have the financial resources to invest in the oil and gas sector.
Hydrogen
He said: The United Arab Emirates believes that hydrogen will be one of the future fuel sources. We have investments in blue hydrogen and have signed cooperation agreements with many countries around the world on cooperation in the field of green hydrogen and research in this strategic field. A clear strategy for the future will be launched soon.
Local market for electricity
He said: The Ministry of Energy and Infrastructure is currently exploring the possibility of setting up a local market for electricity within the country as a prelude to the entry of electricity into the export markets of the Gulf and Arab countries.
Epidemic and inflation
In this context, Suhail al-Masroui, during his inaugural session of the Atlantic Council’s Global Energy Forum, said that the oil and gas sector over the years has been full of events at the renewable energy level. , Climate change, the world of new technology or the macro economy; Where have we gone through the Govt-19 epidemic, markets, inflation, currency, cryptocurrencies or current geopolitics. This indicates that we are in the midst of a transition to a new energy system driven by the technologies of the Fourth Industrial Revolution. This situation is unavoidable due to an emergency event such as climate change or epidemic.
Geopolitical events
He added, “I hope we can all accept that there are two main factors affecting markets, namely ‘energy change’ and ‘current geopolitical events’.”
Geopolitical events affect the oil and gas industry, so markets, Brent oil prices have risen due to the current geopolitical events, and oil demand continues to be associated with a recession with rising prices. Unstable need. Global oil reserves are declining faster than expected, highlighting the lack of security this summer.
Carbon removal
Commenting on energy transformation, al-Masroui said: “With increasing demand, we see a focus on global efforts to combat carbon dioxide and climate change, in addition to the transformation of the global energy sector. How to ensure affordable energy, and thirdly, how to continue the efforts to ensure a low-carbon future. I am proud that the UAE has made great strides in many areas, including clean and renewable energy. ”
He said the energy sector could build structures that support energy development and carbon reduction efforts in the future (including solar and quiet nuclear power). Of the energy mixture. Due to the growing tendency to adopt the concept of “circular economy”, its components include carbon reduction, recycling and disposal.
He pointed out that the United Arab Emirates has joined the Global Pledge on Methane based on its position as one of the world’s lowest methane producing countries; The UAE, one of the least methane producing countries in the world, occupies 0.01%. The country has succeeded in reducing gas emissions by more than 90% in the local energy sector.
He said technology plays a key role in decorbonization efforts, including its application in carbon sequencing and storage, the Fourth Industrial Revolution techniques, improving production and processes, and promoting innovation in increasing resources and production. Innovation is the most important tool in the process of improving the set of skills and resources used in the industry to accelerate the accumulation of low carbon. The sector should promote research and development and enhance capabilities in the oil and gas sector, as well as improve technologies that reduce carbon emissions.
Al-Masroui said about hydrogen: Hydrogen production is one of the key areas of growth. The United Arab Emirates produces and uses hydrogen. Being one of the most expensive competitive sources of fossil fuels in the region. In addition, the “Al-Riyada” plant was established at ADNOC to capture, use and recycle carbon; It is the world’s first trading center for carbon emissions in the iron and steel industry.
He said: The United Arab Emirates has a flexible strategy to combat sustainability and climate change in line with the future aspirations of the energy sector, and is a successful model for generating environmentally friendly energy from sustainable sources, thanks to the orders of the wise leadership. Established.
Al-Masroui stressed that the way to achieve our goal of a world of energy change and emissions is to keep the oil and gas sector side by side with renewable energy industries. To achieve this, exporters, importers and technicians must cooperate.

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We can not support the oil of any country that harms another member of the coalition
Al-Masrooy said in a statement on the sidelines of the “World Government Summit” that the OPEC Plus Alliance had lost more than a million barrels of oil a year and could not make up 10% of OPEC’s production. + Made in Russia, no one can do that in a day and night.
Al-Masroui stressed that the report was not accurate and that it would lead to higher prices later, and that we should be realistic and take into account the economies of countries, but not linked. From politics to oil and the economy because of its huge impacts on consumers, in the end, we care about consumers.
Al-Masroui pointed out the need to work to calm the global market in the light of geopolitical challenges, especially the crisis between Russia and Ukraine. Demands for a 10% supply of OPEC + oil produced by Russia would cause things unknown in light of the inability of any member to make up for this shortfall in global distribution.

Russia is an important part of the “OPEC +” alliance, and oil politicization affects consumers
Al-Masrooy stressed that Russia is a key member of the OPEC + Alliance and that we can not support the oil of any country in the interests of another member of the Alliance, while two members are subject to sanctions. I.e. Venezuela and Iran, and we do not increase daily production and treat everyone without any distinction, do not politicize the oil issue and do not politicize the OPEC + alliance because it will have very difficult consequences for consumers. Pointing to the increase in the prices of most natural resources and grains, this will lead to an increase in poverty rates and an increase in economic distress. Now how can we imagine the distribution of oil, Russian oil?
Al Mazrouei continued: Oil markets depend on supply and demand, and any economic problem will eventually lead to an increase in demand rates, and it could affect us, and if prices rise, countries will suffer economically, and not only the problem is related. எண்ணெய்க்கு; Where the prices of most other commodities such as wheat, zinc, aluminum, gold and iron are high, all of these will create more challenges, and this will lead to higher inflation and a significant increase in prices if the situation arises. This condition continues.

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