UAE Minister of Energy and Infrastructure Reveals Global Oil Trade Volume and Commitment to Decarbonization
During the ADIPEC 2023 International Petroleum Exhibition and Conference in Abu Dhabi, UAE Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, shared important insights about the global oil trade in 2022. He emphasized the UAE’s dedication to collaborating with all nations to expedite the process of decarbonization.
Maintaining Stability in Global Energy Markets
Minister Al Mazrouei highlighted the significance of achieving a balance between energy supply and demand for maintaining stability in the energy market. He acknowledged that political tensions and economic fluctuations significantly contribute to confusion and instability in the global energy market. He also mentioned the cooperative and proactive measures taken by OPEC and OPEC+ countries, which greatly assist in preserving global market stability and reducing risks.
The Role of Crude Oil Market Dynamics
The minister emphasized that understanding the dynamics of the crude oil market is vital for effective decision-making and ensuring energy market stability. He revealed that the global trade volume of crude oil and its refined products increased from approximately 53.3 million barrels per day in 2021 to around 56 million barrels per day in the previous year. Additionally, he emphasized the importance of new investments in maintaining a balance between supply and demand.
UAE’s Energy Investment and Diversification
At the national level, the UAE is heavily investing in various energy sources, including renewable energy, to diversify its energy mix and ensure long-term sustainability. As part of its 2050 Energy Strategy, the country aims to invest up to $54.5 billion by 2030 to meet its growing energy demand.
UAE’s Role in Global Energy Markets
Minister Al Mazrouei highlighted the UAE’s significant role in achieving balance in global energy markets. The country is committed to responsible production and export policies, fulfilling its contractual obligations as a reliable energy supplier. Additionally, the UAE has strategic storage facilities both within and outside the country, ensuring uninterrupted energy supply during periods of upheaval.
Supporting the Energy Sector Transition
The Minister mentioned that the upcoming twenty-eighth session of the Conference of States Parties to the United Nations Framework Convention on Climate Change (COP28) will focus on supporting global efforts for the energy sector transition. The conference aims to mobilize and coordinate efforts to triple renewable energy production capacity and accelerate emissions reduction in the industrial sector.
Source: YOU
