The Minister of Energy and Industry, Suhail Al Mazrouei, said that work is under way with the local and federal authorities and the Council of Ministers to issue a comprehensive strategy for the industry during the current year, based on four main axes: sustainability in industry, artificial intelligence, new technologies, UAE, "pointing out that the date of issuance of the strategy depends on approvals from various quarters.
He said in a press statement yesterday on the sidelines of the launch of the «State of Energy in the UAE 2019», that the Organization «OPEC» and its allies are considering at its meeting early next month to issue a decision to extend the reduction of oil production, as a result of rising stocks, To continue to commit to production cuts.
Al-Mazroui said: "I think the extension is logical, given the growth of oil stocks, especially in the United States. Therefore, the extension decision is a correct direction to achieve a balance between supply and demand." He pointed out that the extension period and the amount of reduction will be determined during the next meeting, The current level is appropriate, and that «OPEC» does not target a specific price, but the law of supply and demand is the one that achieves stability and fair price for the consumer and producer.
OPEC and its producer partners, including Russia, agreed last year to cut production to avoid oversupply. The agreement to cut production for six months, as of January 1, 2019, was 1.2 million bpd.
Commenting on the events of the attack on oil tankers during the past period, Al Mazrouei said, "Security of supply is very important and affects prices, but there are other parties concerned with supply security. There is an international system responsible for maritime transport and maintenance of oil supplies, And demand either from the extension or other », explaining that the rate of commitment to reduce by OPEC and its partners« OPEC Plus », other oil countries from outside the Organization, exceeded the rates set according to the data of the Control Committee to reduce production.
Al-Mazroui said: "The OPEC meeting early next month will review the developments in the oil markets and production levels of the participating countries, the work of the committee and its decisions in the previous meetings, the developments of supply and demand forces in the oil market, the extent of the producers' commitment to implementing the production reduction agreement, (OPEC) and independent producers to maintain a rebalancing of the oil market. "
He pointed out that the State of the Energy Report deals with the experiences of the state in various energy sectors, summarizes the state of energy in the country, current projects and experiments, highlights some energy data and is a reference for educational institutions.
He noted that the evaluation of energy strategy initiatives revealed the validity of the direction and the safety of implementation, saying: «We are satisfied with the efforts in the implementation of the energy strategy».
Power status report
The Ministry of Energy and Industry has released the fourth edition of the UAE State of Energy 2019. The report is a national reference to highlight the energy successes in the UAE that serve the UAE's Energy Strategy 2050. The report reviews the country's efforts to diversify energy sources, include clean energy and energy efficiency solutions, In line with the global energy revolution, the report includes six pillars: Energy Policy, Energy Production, Energy Efficiency and Management, Role of the Energy Sector within the Power Plant E, innovation in energy and the formation of the future, the impact of the energy sector in the country's economy. The report also contains articles written by a number of decision-makers and experts in the field of energy in the UAE.