Sunday , July 25 2021

Vienna's meeting sets the supply and demand gap



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Following the conference and exhibition opening session, a special ministerial panel discussion was held on "Restructuring Markets: Continuing the Global Energy Dialogue", with AU Suhail Al Mazrouei, Minister of Energy and the United Arab Emirates, Khalid Al Falih, Minister of Energy, Industry and Mineral Resources in Saudi Arabia, Russian Minister of Energy, and Mohamed Barkindo, General Secretary of the Institute of Petroleum Exporting Countries (OPEC).
"The oil market is extremely dynamic and what has been achieved over the past two years is incredible," said Suhail al-Mazroui, energy minister and industry and chairman of the current OPEC session. OPEC and non-member producers succeeded in getting closer to the balance. Next in Vienna, there are 25 OPEC ministers and external producers, and we'll work with each other to install any gaps between supply and demand.
In an interview with MEED, Suhail Al Mazrouei, the Minister for Energy and Industry, focused on the essence of the United Arab Emirates' energy strategy, "Energy Strategy 2050", which aims to increase clean energy sources from 25% to 50% of the total use of domestic energy and thereby reducing the European Union's carbon footprint with 70% by raising the efficiency of conventional fuel consumption by 40%.
The scheme seeks to adopt a mix of fuels, with renewable sources accounting for 44 per cent, gas for 38 per cent, 12 per cent for clean coal and 6 per cent for nuclear power.
The minister emphasized the need for investments worth 600 billion landlords to develop new projects in the field of electric power and conversion and the promotion of gas projects to ensure the energy needed. Regarding the level of oil projects, the minister explained that the Arab Emirates was about to reach the target of 3.5 million barrels a day before the end of this year. One of the most important machines of this trend, which makes it easier to achieve the goals of the plan, the use of «Dronat» drone aircraft when exploring and cooperating with international companies in marine operations and exploiting US experience in oil and gas.

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