Oil is clearly in long-term “decline mode,” according to the energy minister of the United Arab Emirates, one of the world’s biggest exporters of the commodity.
“To assume oil is going to be there forever is wishful thinking,” Suhail al Mazrouei said in a speech at the Adipec energy conference in Abu Dhabi. “No matter how much we defend it, it’s in decline mode.”
He was addressing young workers in the UAE, telling them focus on energy as a whole and not just oil.
He was addressing young workers in the UAE, telling them them focus on energy as a whole and not just oil.
The UAE will supply the world with crude for as long as it’s needed, al Mazrouei said. The Persian Gulf nation is accelerating a multi-billion dollar plan to raise production capacity, part of an effort to extract as much value as possible from fossil fuels while there’s still demand.
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