Saudi Minister of Energy: The Kingdom, UAE boost oil ‎production and clean hydrogen projects

Energy Minister Prince Abdulaziz bin Salman said today, Monday, that the Kingdom and the UAE are boosting oil production and refining and are working on clean hydrogen projects.

The two countries are among the largest crude oil exporters in the world.

According to “Reuters”, Prince Abdulaziz added before an energy sector forum in Abu Dhabi that the two countries will become model producers.

Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC), said earlier on Monday that reducing hydrocarbon investments to zero due to the natural decline in production capacity would lead to a loss of five million barrels per day of oil per year from current supplies. ‎

In the opening speech of the 38th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022), Al Jaber added, “The data and numbers are clear, if we stop investing in hydrocarbon resources, we will lose five million barrels of oil per day from the current supplies, given the natural decline in production capacity, this makes the shocks experienced by the energy sector this year very small compared to what will happen in the event of stopping investment in oil and gas.”

He continued, “The world needs more energy with fewer emissions,” and that the global energy scene is going through “unprecedented turmoil.”

Al-Jaber added that the world is facing complex circumstances, as “global supply chains are still fragile, and geopolitical situations have become more complex, dispersed and polarized than ever before.”