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Al Mazrouei: High oil prices reflect Saudi Arabia's weight in the market

2019-09-16T22:05:38.188Z

Minister of Energy and Industry, Suhail Al Mazrouei, said that the recent rise in oil prices, after targeting facilities of Saudi Aramco, reflects the Kingdom's weight in the market. Al Mazrouei, during a meeting between businessmen and the private sector of the UAE and Indonesia, stressed the UAE's readiness for any support



The recent rise in oil prices, following the targeting of Saudi Aramco facilities, reflects the Kingdom's weight in the market, Energy and Industry Minister Suhail Al Mazrouei said.

Al Mazrouei said during a meeting between businessmen and the private sector of the UAE and Indonesia, the UAE is ready for any support requested by Saudi Arabia, pointing out that the UAE has a production capacity to cover any shortage of supplies.

Great weight

The Minister of Energy and Industry, Suhail Al Mazrouei, said that the targeting of Saudi Aramco facilities is considered a criminal and terrorist act, stressing that the Kingdom and its oil structure have a great weight, producing more than 10% of the world oil production.

Al Mazrouei said during the trade meeting organized by the Abu Dhabi Chamber of Commerce and Industry between the businessmen and the private sector of the UAE and Indonesia, that «targeting any of the facilities of Saudi Arabia no doubt affects the markets and this is what happened to prices where rose 10% equivalent to six dollars».

He pointed out that «the compound (Aramco) is the largest in the world, and it has a very high level of readiness, and this is evident in the speed of extinguishing fires when targeted».

Support

"The UAE supports Saudi Arabia in any form it deems appropriate, but we need to wait until the picture is complete to see how the market is affected in terms of supplies," Al Mazrouei said.

He said that the UAE has a production capacity to cover any shortage of supplies, which confirms its standing with Saudi Arabia, but it is all contingent on the outcome of the analysis of the incident and the extent of its impact and what the Kingdom itself requires, pointing out that "it is still early for this talk."

"The high oil prices reflect the Kingdom's weight in the market. Targeting its structure is not a matter for itself but for the whole world. Every consumer will feel it," he said.

Visit

Al Mazrouei pointed out that the visit of the Indonesian high-level delegation to the UAE comes within the framework of the cooperation between the two countries, which is evident in the visit paid by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to the Republic of Indonesia. Agreements worth up to $ 10 billion have been signed in refineries, petrochemicals, infrastructure and energy.

Investments

Al Mazrouei said the UAE has invested in Indonesia for nearly 10 years through Mubadala Petroleum, which produces natural gas from the sea and then sells it to the land, as well as other projects under construction.

He pointed out that Indonesia's economy is the 16th in the year and has high growth rates of more than 5%, pointing to the great economic and investment climate enjoyed by Indonesia during the current period, which made it a destination for many major economic countries such as China and others.

Al Mazrouei called on the private sector and UAE investors to take advantage of the existing investment opportunities in Indonesia, especially as it is a fertile and rich country with many resources, pointing to the government's encouragement for Indonesia to protect and promote investment and create the appropriate environment to support it.

Strengthen cooperation

The Chairman of the Federation of UAE Chambers, Mohammed Thani bin Murshid Al Rumaithi, confirmed the readiness of the Federation of Chambers in general, and the Abu Dhabi Chamber of Commerce and Industry in particular, to strengthen and support the areas of economic and trade cooperation between the UAE and Indonesian business communities, To introduce the investment climate and advantages of both sides and expand the horizons of cooperation and partnership with projects that serve the objectives of construction, development and progress in both countries.

10%

Of world oil produced by Saudi Arabia.

Source: emara

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