Saudi Arabia, UAE say oil demand not going away, days before COP27 climate talks
Abu Dhabi, United Arab Emirates (AFP):
Saudi Arabia and the United Arab Emirates say the world needs to keep investing in oil production.
Just days before the COP27 climate summit aimed at curbing global warming, Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy that would make recent convulsions look like a “minor tremor”.
Addressing a conference in Abu Dhabi, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said they were increasing production capacity.
COP27 opens in Egypt on November 6.
Both officials insisted that oil remains a cornerstone of energy supply, but said they were working to lower emissions and increase production from renewable or less-polluting sources.
Although the OPEC+ grouping slashed oil production this month — ignoring pleas from Western leaders including US President Joe Biden — long-term energy needs will trend higher, they said.
The Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) opened just over a week before COP27, where representatives from nearly 200 countries will take part in the latest round of climate negotiations.
COP26 last year ended with a pledge to keep global warming at 1.5 degrees Celsius over pre-industrial levels — a goal the world is set to miss on current emission trends.
Fossil fuels are “by far” the largest contributor to climate change, accounting for 75 percent of the world’s greenhouse gas emissions, according to the United Nations.
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