Despite the significant drop in oil prices on the world market, the UAE authorities do not cancel the planned investment projects in the field of oil, said energy Minister Emirates Suhail al-Mazrui.
ABU DHABI, 9 Nov. UAE at low prices for oil do not plan to abandon investment projects moreover, the country is ready to increase investment in power oil, said energy Minister Emirates Suhail al-mazroui during the international oil and gas conference ADIPEC-2015.
“Oil prices on the world market fell by more than 50%. But that doesn’t change the plans of the UAE, we are not cancelling our investment projects, we remain committed to our customers,” said al-mazrouei.
“What happens if we reduce investment? The future of oil producers in this case will be short. This cannot let that happen, so the leaders of the UAE has decided to increase the capacity of oil production to 3.5 million barrels per day (from 3 million — ed.)”, he added.
“We don’t want to make the market is saturated on the supply side, we strive to balance the global oil market”, — said the Minister.
According to al-mazroui, the global oil market is cyclical, the period of low oil prices cannot last long, and in 2016 the situation may improve.
The average price of a barrel of oil “OPEC basket” in 2015, no more than 52 dollars, while in 2014 it amounted to 96,29 dollar. The November average price of the basket dropped to 44 dollars.