Emphasize the importance of focusing on reducing costs

Al-Jaber: Signs of optimism for a recovery in oil demand

Al-Jaber participated in a virtual session at the Bloomberg New Economy Forum.

From the source

The Minister of Industry and Advanced Technology and CEO of "ADNOC" and its group of companies, Dr. Sultan Ahmed Al-Jaber, emphasized that there are signs of optimism in the demand for oil, and the need to focus on reducing costs.

During a hypothetical dialogue session entitled "The Rise of Regional Markets ... The Quest for Resilience in a Fragmented Global Economy", which was held recently within the "Bloomberg New Economy Forum," Al Jaber said during a virtual dialogue session entitled "The Rise of Regional Markets", that the UAE provides many distinct opportunities for investment and quality partnerships in various sectors.

He added that the UAE, thanks to the vision of its leadership, has established a reliable and highly credible system that has been able to attract global partners and investors despite the current economic situation in the world.

He continued: “We benefit mainly from the competitive advantages and the distinct assets enjoyed by the UAE, including, for example, the abundance of raw materials from oil and gas, world-class infrastructure, advanced logistics services, and the strategic geographic location at the crossroads of trade routes between East and West. Firm organizational work, and financial stability of the economy.

These are all unique and attractive advantages that contribute to attracting strategic international investors to the UAE who seek to build long-term partnerships. ”

He said: “There is also a fundamental feature that the UAE benefits from, which is our credibility and our strong historical record of achievements as a reliable partner, as the country has a long history of concluding many long-term and successful strategic partnerships, which have contributed to establishing the UAE’s position as a destination for attracting qualitative and smart investments. ».

During the session, Al-Jaber addressed the state of the global economy and oil markets, as he explained that the demand for oil showed a lot of flexibility, indicating that there are signs of optimism and the need to focus on reducing costs.

He explained: “If we take oil demand as an indicator of economic activity, we see the beginning of a return to this activity. For example, even at the lowest levels of oil demand in March and April, world consumption was at the level of 75 million barrels per day, and the decline in global demand to what Below 90 million was for only 12 weeks, and if we look at different regions around the world, we find that Europe, for example, is experiencing a slowdown in growth due to the restrictions of the (Covid-19) pandemic, while the United States is witnessing a strong recovery despite the pandemic, The same applies to the Asian markets ».

He added: «We need to be careful, but at the same time there is reason to be optimistic, and I am convinced that we will pass this stage and we are much stronger than we were.

And I think what we must do is maintain flexibility and continue to focus on the factors that we can control. ”

Al-Jaber emphasized that the focus on reducing costs is an important factor in preserving flexibility, pointing out that ADNOC continues to work to reduce costs within the framework of a qualitative leap that it started four years ago.

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