“I think in COP 26 all the producers felt they were
uninvited and unwanted but now we are again superheroes, it’s not going to work
like that,” Reuters quoted al-Mazrouei as saying on Monday at the
Global Energy Forum by the Atlantic Council in Dubai.
The oil and gas industry needs long-term planning and
investments every year despite the global push for accelerating the use of
renewable energy sources, the UAE minister added.
The country, currently OPEC’s third-largest producer after
Saudi Arabia and Iraq, is sticking to its plan to raise its production capacity
to 5 million barrels per day (bpd), but it is also committed to continue
working with OPEC and OPEC+ Plus in the management of supply to the market,
al-Mazrouei said.
“The UAE’s plan to raise production capacity does not mean
that we will leave OPEC Plus or do something unilateral. We will work with this
group to ensure that the market is stable,” he added.
During the Atlantic Council forum, al-Mazrouei reiterated
the importance of OPEC in stabilizing global energy markets and argued that
politics around sanctioned countries (such as Russia) must not interfere with
the organization’s broader mission.
According to the UAE’s minister, producers cannot immediately
boost supply significantly, also due to the production declines in recent
years. At least 5-8 million barrels need to be replaced each year through
investment, he added.
Al-Mazrouei also called on the financial and analytical
institutions, such as the International Energy Agency, to adopt realistic
perspectives on long-term investment in oil and gas and recognize the needs of
global consumers who need affordable energy and commodities.
