UAE plays key role in maintaining stability of world oil markets: UAE Governor to OPEC

UAE plays key role in maintaining stability of world oil markets: UAE Governor to OPEC

ABU DHABI, 29th March, 2022 (WAM) -- Ahmed Al Kaabi, UAE Governor to the Organisation of Petroleum Exporting Countries (OPEC), said the UAE is continuing to perform its key role in maintaining the stability of world oil markets.

In his statement to the Emirates News Agency (WAM), Al Kaabi added the UAE is an active member of OPEC, noting it assumed the presidency of the organisation in 2018 and successfully handles the OPEC+ file, in cooperation with its partners, to support the stability of oil markets.

The UAE is also supporting the global oil sector through launching strategic plans and proactive visions for addressing various global changes, to meet demand and achieve sustainable growth worldwide.

The UAE is a pioneer in supporting the sector, and it began early to invest heavily and implement strategic projects to ensure the continuity of oil supply chains, he added.

"The UAE invests in various areas of the energy chain and is increasing its production of oil and gas, to continue its active role as a responsible and reliable partner in securing energy supplies for its partners and other countries," Al Kaabi went on to say.

In 2020, the UAE announced new discoveries of unconventional oil resources extracted in many areas of the country, at estimated quantities of some 22 billion barrels of oil, in addition to increasing conventional oil reserves by two billion barrels in the emirate of Abu Dhabi, to be added to hydrocarbon reserves announced in 2019 estimated at seven billion barrels of crude oil, 58 trillion standard cubic feet of conventional gas, and 160 trillion standard cubic feet of recoverable unconventional gas resources.

"These investments have enhanced the country’s stature as a credible international source of low-carbon energy and the stature of the Abu Dhabi National Oil Company (ADNOC) as a responsible energy producer, in line with the Principles of the 50," the UAE Governor to OPEC said.

The UAE advanced from seventh to sixth place globally in terms of oil and gas reserves, which has strengthened its stature as a reliable global supplier of permanent and stable energy supplies.

The country has also succeeded in establishing oil storage facilities in several Asian countries, as part of its strategy to support the global energy sector and improve its ability to respond effectively and competitively to various energy market scenarios.

The UAE has established facilities to store strategic reserves of crude oil in various Asian countries, including in Bengaluru, India, and Kagoshima, Japan, and the strategic oil reserve storage depots of the Korean National Oil Corporation in South Korea.

The country also built the largest single oil storage project in the world in Fujairah, with a capacity of 42 million barrels of crude oil valued at AED4.4 billion.

The Fujairah Oil Terminals FZC (FOT) - which receives giant oil tankers and overlooks the Gulf of Oman and the Indian Ocean - is the world’s leading port in terms of supplying ships with fuel, forming a strategic global artery that ensures the flow of oil supplies.

WAM/Esraa Ismail