UAE warns against underinvestment in oil, gas at Abu Dhabi conference

Adam Lucente

(From L to R) Moderator Joha Simpson, BBC world affairs editor broadcaster, author and columnist, UAE Energy Minister Suhail Al Mazrouei, Omani Oil and Gas Minister Mohamed Al Rumhi and Bahrain's Oil and Gas Affairs Minister Mohammed Bin Khalifa Al Khalifa sit on a panel during the Abu Dhabi International Petroleum Exhibition and Conference), Abu Dhabi, Emirates, Nov. 7, 2016. — Nezar Balout/AFP via Getty Images

The United Arab Emirates is committed to investing in oil and gas, even as the world seeks more renewable energy.

UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber spoke today at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). The conference will run until Thursday. In his opening remarks, the minister warned against abandoning hydrocarbon energy sources in the current economic climate.

“Now is not the time to point out that the longer term underinvestment in oil and gas has made a difficult situation even worse,” said Jaber, referencing the energy supply chain shocks following the Russian invasion of Ukraine.

The minister warned attendees against “zeroing out” on hydrocarbon investment, saying that this would result in the loss of millions of barrels of oil per day.

UAE warns against underinvestment in oil, gas at Abu Dhabi conference

The Abu Dhabi International Petroleum Exhibition and Conference also features more focus on decarbonization and hydrogen.

SUBSCRIBER EXCLUSIVE

Continue reading this exclusive analysis

Original reporting and analysis unavailable elsewhere. Subscribe to AL-MONITOR to read this story and access everything we publish

Read By