ABU DHABI, 11th January, 2020 (WAM) -- Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, today said that geopolitical tensions have dissipated over the past few days, noting that "wisdom, balance, and diplomacy appear to [be] prevailing," in the delicate dynamics of the region.
Al Jaber’s statement was made during the opening of the Atlantic Council Global Energy Forum taking place in the nation’s capital, Abu Dhabi.
He expressed some optimism concerning the global economy in 2020. "With trade tensions easing, manufacturing showing signs of renewed growth, and global consumer spending strengthening we can look forward with cautious optimism."
"This economic outlook" Al Jaber added, "means both the short and long-term demand for energy remains robust." He went on to note an expected growth in energy demand of at least 25 percent over the next two decades.
Al Jaber highlighted the UAE’s energy legacy, noting, "At ADNOC, we are on track to increase crude oil production capacity to four million barrels per day by the end of this year."
According to the Minister, the country made "significant new discoveries last year that moved the UAE from 7th to 6th largest oil and gas reserves in the world."
"In fact," he added, "we are also on a path to achieve gas self-sufficiency and to ultimately become a net exporter."
Al Jaber spoke about the UAE’s Year of Preparation for the next 50 years. "As we prepare for a future that will require more energy with less environmental impact, it will be crucial to bring all stakeholders to the table."
The Minister also paid tribute to the late Sultan Qaboos of Oman and extended his condolences to the Omani people.