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UAE to continue oil investments even as crude trades below $50

Country, which currently produces 2.8 million oil barrels per day, plans to boost production capacity to 3.5 million bpd by 2017

The UAE is moving ahead with its oil and gas investment plans despite the current drop in oil prices, the country’s Minister of Energy told news agency Reuters on Sunday (October 4).

“Investments are going, we are continuing with our investments,” said Suhail bin Mohammed al-Mazroui on the sidelines of an energy conference in Abu Dhabi.

The comments come two days after Saudi Arabia’s Minister of Petroleum and Mineral Resources, Ali bin Ibrahim al-Naimi, said his country would continue investing in oil and gas and that his country remained committed to energy resource development.

The UAE and other members of the Organization of Petroleum Exporting Countries (OPEC) have maintained their huge crude output levels despite a collapse in the price of oil.

Oil is trading at less than $50 per barrel, half the price at the same time last year.

When the agency asked whether the OPEC member’s plans to boost its oil production capacity to 3.5 million barrels per day (bpd) by 2017 were on track, Suhail answered: “Yes”.

Saudi Arabia, the world’s largest exporter, produces more than 10 million bpd while the UAE’s production adds up to 2.8 million bpd.

Meanwhile, Naimi, speaking at the first G20 Energy Ministers Meeting in Turkey, called on non-OPEC countries to help it “stabilize the market”.