The UAE opens its annual oil-and-gas summit, pledging to increase output

The United Arab Emirates has opened its yearly oil-and-gas acme pinch pledges to summation power output moreover arsenic world prices person fallen

ABU DHABI, United Arab Emirates -- The United Arab Emirates opened its yearly oil-and-gas acme connected Monday pinch pledges to summation power output moreover arsenic world prices person fallen and world authorities stay uncertain up of nan U.S. statesmanlike election.

The monolithic Abu Dhabi International Petroleum Exhibition and Conference comes aft nan UAE conscionable past twelvemonth hosted nan United Nations COP28 ambiance talks. Those talks ended pinch a telephone by astir 200 countries to move distant from planet-warming fossil fuels — nan first clip nan convention made that important pledge.

But nan UAE arsenic a full still plans to summation its accumulation of lipid to 5 cardinal barrels a time successful nan coming years arsenic it pursues much cleaner energies astatine home. Meanwhile, UAE officials person made a constituent to dodge immoderate questions astir nan U.S. predetermination while maintaining their adjacent ties to Russia contempt Moscow's warfare connected Ukraine.

“Allow maine to opportunity that we successful nan United Arab Emirates will ever take business complete polarization, speech complete section and bid complete provocation,” said Sultan al-Jaber, who heads nan state-run Abu Dhabi National Oil Co. and who besides led nan COP28 talks successful Dubai.

Crude lipid prices person been depressed this year. Benchmark Brent crude traded astir $74 a tube connected Monday arsenic prices person dropped aft concerns complete nan ongoing Mideast wars increasing into a location conflict faded successful caller days. But slowing economical maturation successful China and ample proviso successful nan marketplace are additionally dragging down prices.

Politics was besides adjacent astatine manus astatine nan acme connected Monday. Whispers among nan crowd attending nan opening pondered who would beryllium amended for their businesses, Vice President Kamala Harris aliases erstwhile President Donald Trump.

Suhail al-Mazrouei, nan Emirates' curate of power and infrastructure, dodged nan first mobility by a presenter complete whether his state preferred Trump aliases Harris.

“I do not consciousness comfortable to talk astir nan predetermination successful nan United States,” al-Mazrouei said. “We wish some candidates nan best.”

The UAE maintains adjacent ties to Russia contempt Western sanctions complete Moscow's war. An announcer told nan crowd wherever to find Russian translator for nan event, while 1 of nan main partners of nan acme was Lukoil, Russia’s largest non-state lipid firm.