Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, said the Organisation of the Petroleum Exporting Countries (Opec) and its allies in Opec+ always strive to ensure balance in market fundamentals between supply and demand, to avoid an accumulation in global oil inventories that could lead to instability and speculative activities in global markets.
In a statement to the Emirates News Agency (Wam) ahead of the 8th Opec International Seminar, which will be held on Wednesday in Vienna, Al Mazrouei stated that Opec’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial committee to make appropriate decisions, which can help improve market stability and drive sustainable growth.
The Opec International Seminar’s 8th edition, which will be held under the theme, “Towards a Sustainable and Inclusive Energy Transition”, is an important global platform for forecasting and shaping the future of the global energy sector, with the participation of oil producing and consuming countries, energy sector leaders and experts from around the world, he added.
It will also contribute to a fair and realistic energy transition towards a more sustainable future, and ensure reliable energy supplies by utilising the latest tech solutions in this vital sector, he continued.
Regarding the update of the country’s energy and hydrogen strategies, Al Mazrouei stressed that the Ministry of Energy and Infrastructure has completed the update to the UAE Energy Strategy 2050 and the development of the hydrogen strategy, which were announced on Monday.
Both strategies are in line with the UAE’s efforts to achieve climate neutrality by 2050, through expanding the use of renewable energy, implementing new projects in areas such as hydrogen energy and waste-to-energy conversion, and encouraging investments in the energy and advanced technology sectors, which will support the country’s climate and achieve sustainable economic growth across various sectors, he said.
He also pointed out that both strategies are key tools for increasing reliance on clean energy sources and improving efficiency-enhancing technologies, which are strategic priorities of the UAE, especially in terms of supporting its climate action efforts as it prepares to host the 28th Conference of the Parties (COP28) at the end of 2023 in Expo City Dubai, with the participation of many countries.