Abu Dhabi: A top executive of Abu Dhabi National Oil Company (Adnoc) said oil markets will rebalance in the second half of this year due to rising demand.
“I am optimistic about the direction of the market. Volatility in the short term and eventually oil prices will recover. An average price of $50 per barrel is achievable in 2016,” said Abdullah Salem Al Dhaheri, Director, Marketing and Refining, Adnoc.
He said Adnoc is responding to the current environment by improving operational efficiency.
“The objective is to meet continued rising demand in the international market.”
He was speaking at the Middle East Petroleum and Gas Conference in Abu Dhabi on Monday.
The UAE is trying to increase oil production to 3.5 million barrels per day by the end of the next year from the present capacity of 2.8 million barrels per day.
Speaking at the same event, Dr Matar Al Neyadi, Undersecreatary of the Ministry of Energy said the UAE supports the role of the Organization of the Petroleum Exporting Countries (Opec) in the stabilisation of oil markets.
“The UAE continues to strongly support the role of Opec in the stabilisation of the oil market as we believe it continues to have a decisive role in protecting the interest of oil-producing countries,” he said while speaking at the conference.
He said the UAE is putting emphasis in the expansion of the key sectors in the oil and gas industry including oil storage facility at Fujairah Port, which has become the third largest petroleum storage port in the world.
“Fujairah port reflects many opportunities that oil and gas market brings to the UAE. Port of Fujairah has grown from a small commercial port in 1983 to a third largest petroleum storage port in the world. The demand for oil storage has increased due to new market conditions.”
