Abu Dhabi: Ali Obaid Al Yabhouni, UAE Governor for Opec, has said that UAE has taken the lead in widening its own energy mix to include nuclear, renewable energy to ensure that the country’s carbon footprint is reduced.
“While at the same time more crude oil and petroleum products are made available for export, we also recognise the importance of protecting environment mitigating the climate change,” he said while speaking at a session on the third day of the Abu Dhabi International Petroleum Exhibition and Conference.
Al Yabhouni, who is also chairman of the board and chief executive officer of ADNATCO and NGSCO, said that UAE’s policy of introducing new energy sources is complemented by the focus on energy efficiency and other demand production measures. Clearly this goes hand in hand with energy security and provides a sustainable energy guaranteed for the future generations.
On the same occasion, Musabbeh Al Kaabi, chief executive of Mubadala Petroleum, said that oil demand for the foreseeable future is expected to grow at rate of one per cent on annual basis, so currently the total demand which is around 90 to 91 million bpd will increase by the year 2035 to 150 million bpd. He explained that the demand will primarily come from China besides there is also increase in the demand from the Middle East region.
He said that most of the supply will come from the Middle East, America and South America. “The implication of the Middle East, the growth of demand will slightly be higher than the growth of the supply. Therefore the percentage wise we will see less export of oil from the region. In terms of demand and supply of the gas the story is almost similar.”