The UAE on Monday called for stronger cooperation between oil producers and consumers to secure sufficient investments for output capacity expansions to meet demand and avert supply shortages in the future.
Minister of Energy Mohammed bin Dhaen Al-Hamli said massive funds are required for the oil sector, which is still the chief source of energy for the world, accounting for nearly 53 per cent of the total global energy mix in 2009.
“This underscores the need for huge investments in oil and gas research, exploration and production and for building new capacities that are capable of meeting demand for these two vital energy sources,” he told an oil conference at the Abu Dhabi-based Emirates Centre for Strategic Studies and Research.
“This in turn necessitates concerted efforts and stronger cooperation by the oil producing and consuming countries and with technology development firms".
Hamli, whose OPEC country controls over nine per cent of the world’s proven oil deposits, said crude demand is projected to grow by around 1.13 per cent in 2010, driven by fiscal stimulus measures taken by key countries in the first half.
He said that despite the “uncertainty” in global growth at present, oil consumption has been growing, fuelled by the current recovery in many states.
“The recovery in some sectors, mainly the industrial sector, has had a positive effect on crude oil consumption in this sector in all countries,” he said in his address, read by Ministry of Energy undersecretary Nassir Al Sharhan.
Emirates 24|7
