UAE energy minister expects oil supply surplus by Q1 2022

Selecting the UAE and Egypt to host COP conferences shows the world’s appreciation for the efforts of climate change and net-zero emissions in the Arab region, specifically oil-producing countries.

That's according to Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, speaking during the opening ceremony of the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC 2021) on Monday.

He emphasised that the UAE is a critical player in the global climate efforts and a centre to support the green economy.

"Egypt and UAE hosting COP27 and COP28 tells you about the commitment of the oil-producing nations and the Middle East, as well as shows that we are the first to come to the table with a plan and also to commit to net-zero through initiatives, legislation, and ambitions projects to create a balance between the production of energy, economic growth and preserving the environment," Al Mazrouei said in his speech.

He pointed out that the UAE is working to become one of the main suppliers of future energies like renewable, nuclear, hydrocarbon, and hydrogen energy.

The minister also highlighted how the UAE has been improving the productivity of oil, gas, and petrochemicals, as well as reducing carbon footprint by adopting Artificial Intelligence and sustainable technologies such as carbon capturing.

Al Mazrouei affirmed that all indications point to an oil supply surplus in the first quarter of 2022 and OPEC+ and its allies would stick with plans to raise oil output by 400,000 barrels per day (bpd).

"2022 will be a year of balance between supply and demand. UAE will invest in the energy sector for stable global markets. It is important to have a balance between supply and demands in the oil and gas markets by ensuring cooperation between the countries to achieve a reasonable pace of growth," he explained.

The ADIPEC Strategic Conference Ministerial Panel titled 'The New World of Energy' featured the UAE, Kuwait, Sultanate of Oman, Iraq, Equatorial Guinea and OPEC. The panellists discussed the global trends shaping the energy industry and market dynamics. #ADIPEC #ADIPEC2021 #ADNOC pic.twitter.com/rf5O1B0h1S

— ADIPEC (@ADIPECOfficial) November 15, 2021