UAE opens its annual oil-and-gas summit, pledges to increase output

The United Arab Emirates opened its annual oil-and-gas summit on Monday with pledges to increase energy output even as global prices have fallen and world politics remain uncertain ahead of the US presidential election.

The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels the first time the conference made that crucial pledge.

But the UAE as a whole still plans to increase its production of oil to 5 million barrels a day in the coming years as it pursues more cleaner energies at home.

 

Meanwhile, UAE officials have made a point to dodge any questions about the US election while maintaining their close ties to Russia despite Moscow's war on Ukraine.

Allow me to say that we in the United Arab Emirates will always choose partnership over polarisation, dialogue over division and peace over provocation, said Sultan al-Jaber, who heads the state-run Abu Dhabi National Oil Co. and who also led the COP28 talks in Dubai.

Crude oil prices have been depressed this year. Benchmark Brent crude traded around USD 74 a barrel on Monday as prices have dropped after concerns over the ongoing Mideast wars growing into a regional conflict faded in recent days. But slowing economic growth in China and ample supply in the market are additionally dragging down prices.

Politics was also close at hand at the summit on Monday. Whispers among the crowd attending the opening pondered who would be better for their businesses, Vice President Kamala Harris or former President Donald Trump.

Suhail al-Mazrouei, the Emirates' minister of energy and infrastructure, dodged the first question by a presenter over whether his country preferred Trump or Harris.

I do not feel comfortable to talk about the election in the United States, al-Mazrouei said. We wish both candidates the best.

The UAE maintains close ties to Russia despite Western sanctions over Moscow's war. An announcer told the crowd where to find Russian translation for the event, while one of the main partners of the summit was Lukoil, Russia's largest non-state oil firm.