UAE will not politicise oil prices
The statement was made by the energy minister at a conference in Abu Dhabi
The UAE will not politicise the oil prices and remain committed to meet the international needs in supplying crude, said the energy minister at an annual conference in Abu Dhabi on Tuesday.
“We will do what is required from us as a member of Opec (Organisation of the Petroleum Countries) and will not politicise the matter. Our vision is clear,” said Suhail bin Mohammed al Mazrouei.
On the drop in oil prices, he said it is not happening for the first time and they are aiming for investments to continue.
“Some small companies should be aware of the market and demand and supply situation. Last few years had seen good incentives for investment.”
Mazrouei also added that shale gas is not a competitor to conventional energy resources. “Emergence of shale gas and oil compliments conventional oil. The harmony will remain in future.”
He noted that the UAE has a clear strategy in energy diversification. “We invested a lot in renewable energy based on clear vision and strategy. It is environment friendly. We are also emphasising on nuclear and solar energy.”
Natural gas, he cautioned, cannot be the only source for the production of electricity and added the UAE has built nuclear power plants to produce electricity and by 2020 nuclear energy will contribute 25% towards the production of electricity.