The United Arab Emirate is pushing ahead with large new energy projects, betting that an oil price recovery will start as early as next year as demand begins to absorb the global glut, said energy minister Suhail Al Mazrouei.
The UAE is hoping the lion’s share of its energy needs will be covered with rising gas production by 2021, while around a third of energy needs will be met with nuclear and solar projects, he explained.
Reuters quoted him as saying: “These are times of some hesitancy, times of pain for some … But pain is not new … We will pass it stronger”.
“That (oil price drop) didn’t change the vision of the UAE … We are not cancelling projects,” he added.
Trade Arabia also quoted him as saying that any predictions of large oil price swings in coming months were unrealistic.
He added that the UAE was committed to supplying any shortages in the global oil market, and that it was going ahead with planned projects to increase crude production.
In the same vein Adnoc Abdullah Nasser Al Suwaidi revealed that the UAE will raise its oil production capacity to 3.5m b/d within the next two to three years.