UAE Energy Minister Says 'Not Worried' About Slowdown In Oil Market Growth

UAE Energy Minister Suhail Mohamed Al Mazrouei said on Monday that he had no reservations concerning the OPEC forecast for a sharp slowdown in oil market growth, as competition in the green energy market was likely to increase

ABU DHABI (UrduPoint News / Sputnik - 11th November, 2019) UAE Energy Minister Suhail Mohamed Al Mazrouei said on Monday that he had no reservations concerning the OPEC forecast for a sharp slowdown in oil market growth, as competition in the green energy market was likely to increase.

In early November, the Organization of the Petroleum Exporting Countries (OPEC) published its annual World Oil Outlook, lowering its estimates for global oil demand growth to 104.8 million barrels per day by 2024, and 110.6 million barrels per day by 2040.

"I'm not worried about growth, to tell you the truth. I think we need to change the way that we consume energy, rather than looking at limiting one form of energy," the minister said at the opening ceremony of the Abu Dhabi International Petroleum Exhibition & Conference meeting, when asked about the forecast.

He stated that despite a higher pace of growth in greener forms of energy that could compete with any other forms of energy, conventional oil and gas would also grow.

"We have much cleaner forms of energy... renewable energy solar, wind at historically low costs that are competing with any other forms of energy. Definitely the greener forms of energy will grow at a higher pace of growth, but conventional oil and gas will also grow. Gas will grow more because there is a demand for greener forms of energy," he stressed.

In addition, Al Mazrouei hailed "the phenomenal work on the petrochemicals" that became greener and fully recyclable.