United Arab Emirates is a member of the Organization of the Petroleum Exporting Countries (OPEC) which was formed in 1960 in Baghdad, Iraq.
Oil markets have seen a rough year so far, as the world is moving towards a more sustainable alternative to fossil fuel and also following the after-effects of the United States-China trade war. As a member of OPEC, UAE’s Energy Minister Suhail Al Mazrouei has shown concern and addressed the Oil market’s ups and downs. UAE, despite its tourism still relies on Oil exports as it is an important and integral part of its economy. OPEC and Joint Ministerial Monitoring Committee (JMMC) is scheduled to meet in the capital on Thursday. Oil markets on Friday closed with Brent trading at $61.54 (Dh226) and West Texas Intermediate (WTI) on $56.52, both of which were up on the week as the market reacted positively to the news of US-China trade negotiations in October. With the vision of the country to go 100 percent on clean energy, this comment by the energy minister of UAE has shown that even though the country is gearing towards clean energy it’s not abandoning the traditional means of energy-based revenue generation. Al Mazrouei expressed his thoughts at a media press conference for the upcoming World Energy Congress that is taking place in Abu Dhabi this week. UAE is in the transition phase in the energy sector as it is moving towards more renewable sources of energy. UAE has great potential in solar energy due to its geography and it’s also planning on nuclear energy.
With UAE’s vision to provide 75 percent of its energy by renewable energy sources by 2050, UAE is working relentlessly in this sector and with Suhail Al Mazrouei milking the best from conventional means of energy as well as the new clean and green ones, UAE is set to achieve substantial growth in the energy sector.