The UAE is on track to produce 5 million barrels of oil per day (bpd) by 2027, according to its Energy Minister Suhail Al Mazrouei. Supply cuts from major crude producers have helped drive oil prices near $100 per barrel.
Al Mazrouei was speaking at the annual ADIPEC summit in Abu Dhabi, the biggest energy conference in the Middle East. He also said that the Emirates' production capacity is more than 4.2 million bpd.
OPEC Secretary General Haitham Al Ghais who also spoke at the energy industry event in Abu Dhabi said the cartel is optimistic on demand, but under-investment is seen as a risk to energy security.
OPEC+ has the "right policy" for the oil market, Bloomberg reported citing the UAE energy minister as saying. Prices will increase if there’s no further investment in the industry and OPEC isn’t setting a price target, the minister said.
(Writing by Seban Scaria; editing by Brinda Darasha)