Al Mazrouei: 2022 a year of balance between supply and demand

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

"Egypt and UAE are 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 come to the table with a plan and also to comment 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 at the opening ceremony of Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2021’.

He said that UAE has plans and initiatives for national climate change to achieve zero emissions by 2050, making the country the first in the Middle East and North African nation to do so.

"UAE is an oil-producing country and it has major concerns about clean energy. We put early initiatives and ambitions plans to move to for new era aim to have various energy sources and preserving the environment. We will lead not only follow with our commitment and will show the world that we can pave the road for practical and sustainable economic growth and cautions about the environment," Al Mazrouei, added.

He stressed that UAE worked repeatedly to improve the productivity of oil, gas, and petrochemical, as well as, reduce the carbon footprints by adopting Artificial Intelligence and sustainable technologies such as Carbon capturing and using it to boost petroleum production.

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

Moreover, Al Mazrouei, said that energy sources this year witnessed massive demand especially the fossil fuels due to back to normality and improvement in the global economy post-COVID-19 pandemic.

He 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 having cooperation between the countries to achieve a reasonable pace of growth," he said during a ministerial panel titled ‘the new world of energy’ at ‘ADIPEC 2021’.

He calls to reduce energy consumption to avoid depletion of energy sources pointing that future technologies will play a key role to help in solving the problem.

He said that UAE working towards achieving the nation’s energy strategy 2050 to reduce carbon footprint by 70 percent.