Shaikh Nasser bin Hamad Al Khalifa, King Hamad’s Representative for Humanitarian Work and Youth Affairs and Chairman of Bapco Energy Group, said Bahrain is keen to help shape the future of the global energy system. and renewed its commitment to reduce carbon emissions by 30 percent by 2035. Reach net zero by 2060.
He made the remarks at the opening of the Abu Dhabi International Conference on Progressive Energy (ADIPEC 2023), hosted by the UAE under the patronage of President Sheikh Mohammed bin Zayed Al Nahyan.
Shaikh Nasser said Saudi Arabia’s participation in ADIPEC 2023 will help it lead global transformation in the energy sector through forward-looking strategies and strong policies and face the challenges created by the current energy landscape. He insisted that it was within the framework of Saudi commitments. He expressed commitment to climate action and affirmed Bahrain’s full readiness to play an active role in shaping the future of energy.
He pointed out that the importance of ADIPEC 2023 comes from the fact that the entire world will gather in the UAE for the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which brings together the values of humanity, ambition and creativity. He said the UAE is a great country in the region that seeks to come together to deliver innovative, sustainable and real action on climate change.
The theme is “decarbonization.” Faster. “Togetter”, ADIPEC 2023 aims to bring together the world’s energy leaders and combine their efforts to confront the pressing challenges facing the global economy as a result of the current energy crisis.
Shaikh Nasser was accompanied by Bapco Energy officials and representatives, as well as Dr. Mohammed bin Dayna, Minister of Petroleum and Environment and Special Envoy for Climate Affairs, and the company’s CEO.
UAE Energy Minister Suhail Al Mazrouei said the fuel price consumers pay at the pump will depend on the country’s willingness to continue investing in fossil fuels.
“The OPEC+ producer group is focused on ensuring that prices are fair for consumers, but it is short-sighted to say that prices are fair for consumers only for a very limited period of time.”
“More investment in oil and gas is needed to get prices to the right level,” he added.
Asked whether soaring oil prices could threaten the health of the global economy, Al Mazrouei said OPEC+ would never target a specific oil price.
In June, the group agreed to extend oil production cuts until the end of 2024.
Saudi Arabia and Russia also extended additional voluntary production cuts of 1.3 million barrels per day (bpd) until the end of the year.
This pushed Brent crude oil prices above $90 per barrel in early September, with futures contracts approaching the psychological threshold of $100 per barrel last week.
OPEC Secretary-General Haitham Al Ghaith was optimistic about oil demand growth and said lack of investment was a risk to energy security.
“We’re running into… much less capacity. We’ve said this repeatedly, but it will take a concerted effort by all stakeholders to realize the importance of investing in this industry.” he said.
Al Mazrouei said investments by both international and domestic oil companies are needed, and “these investments require the financial community’s willingness to finance oil and gas.”
He later told reporters that the country plans to expand its oil production capacity from the current 4.2 million barrels per day to 5 million barrels per day by 2027.
Vicki Holub, CEO of U.S. oil and gas producer Occidental Petroleum, warned that less investment would lead to higher energy prices.
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