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UAE Says to Continue Investing in Energy Sector

UAE Says to Continue Investing in Energy Sector

Sunday, 17 October, 2021 - 08:45
UAE Energy Minister Suhail al-Mazrouei during his participation in the Energy Week in Moscow (WAM)

UAE Energy Minister Suhail al-Mazrouei said his country continues to invest in the energy sector to meet growing demand and ensure stability in global markets.

The statement came during his participation at a Russian energy forum in Moscow on Oct-13-15.

Mazrouei stressed that it is “important to keep balance on the market”.

He added that the country laid plans to fight climate change on several levels, thanks to the long-term vision of the leadership towards a sustainable future.

In this context, oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.

Brent crude futures were up 86 cents, to $84.86 a barrel. Prices earlier touched their highest since October 2018 at $85.10 and are set to climb for the sixth straight week, heading for a 3 percent hike this week.

The price of intermediate oil in Texas (WTI) closed this Friday with a rise of 1.2 percent and stood at 82.28 dollars. The crude was up 3.5 percent on the week in an eighth consecutive weekly rise.

Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel.

The US oil and gas rig count, an early indicator of future output, rose 10 to 543 in the week to Oct. 15, its highest since April 2020, energy services firm Baker Hughes Co (BKR.N) said in its closely followed report on Friday.

The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd).

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