The UAE Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, confirmed that the UAE seeks to increase its oil production capacity to 5 million barrels per day by 2027. The UAE has worked to increase its investments to increase oil production capabilities to keep pace with the high demand worldwide.

He said: We have advanced the date to 2027 to raise production capacity to 5 million barrels per day. The UAE continues its investments in this sector to contribute to providing additional resources to keep pace with the steady increase in demand for oil, noting that the world witnessed this year an unprecedented increase in demand for oil, which means the necessity of increasing investments.

He added that the investments required annually exceed 500 billion dollars, because we need between 12 and 13 trillion dollars by 2045 to invest in raising production capacity, since many countries in the world have declining oil production.

Al Mazrouei stressed that the UAE provides a distinguished model by hosting “ADIPEC 2023.” Pointing out that this year is important for the UAE, as the country embraces the world in the Conference of the Parties (COP28), and during the year 2023 also the Ministry of Energy launched specific strategies that serve the environmental agenda and the issue of climate change in the UAE. He pointed out that the 2050 Energy Strategy was updated and resulted in an increase Investment in solar energy will triple by 2030-2031.

For his part, Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), stressed the importance of continuing investment in the oil and gas sector, indicating that demanding a halt to investment will produce counterproductive results, and that the lack of investment poses a threat to energy security. The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) expected the demand for oil increased significantly this year as it was last year.

Source: National Iraqi News Agency