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Oil price fluctuations won't last, Adnoc chief says before conference

The oil industry is still strong and global price fluctuations that are currently taking place are temporary, a senior executive of a unit of Abu Dhabi National Oil Company said on Sunday.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 23:26 November 2, 2008
  • Gulf News

Abu Dhabi: The oil industry is still strong and global price fluctuations that are currently taking place are temporary, a senior executive of a unit of Abu Dhabi National Oil Company said on Sunday, ahead of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec-2008), which begins on Monday.

"The price (of oil) is one of the challenges. There are other challenges like resources and reserves," Ali R. Al Jarwan, general manager of Abu Dhabi Marine Operating Company and chairman for Adipec-2008 said at a news conference here.

Global oil prices have dropped sharply - to below the $70 (Dh257) per barrel level - from an all-time high of $147.27 a barrel on July 11 due to financial market upheavals in the US and the subprime mortgage crisis.

General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council, will inaugurate the Adipec-2008 today at the Abu Dhabi National Exhibition Centre. The conference will continue until November 6.

"This major event means a lot to the UAE, being a prominent oil and gas event which brings with it activities representing various technical, commercial and government sectors concerned with the energy business," said Jarwan.

Adipec was launched in 1984 and Adipec-2008 will be its 13th edition. The latest conference will bring together a grand assembly of shaikhs, local and overseas ministers, dignitaries and top industry executives from around the world.

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