UAE Energy Minister Suhail Al Mazroui expects more investments coming into the market next year due to stronger demand for oil.
“The expectation for next year, in terms of for the world economy growth is strong. It’s at least what we had in 2017, if not stronger. So if we have that, which means that we will have a strong demand then the expectation is to have new investments coming to the market,” Al Mazroui said while speaking at the Gulf Intelligence UAE Energy Forum in Abu Dhabi on Thursday.
He said Abu Dhabi National Oil Company (Adnoc) has announced almost $109 billion investment in the next four years throughout the value chain and Saudi Aramco is also planning new investments in the next three years.
“So NOCs, (national oil companies), IOCs (international oil companies) with time, they will come to put more investments. And that’s what we targeted. We need to incentivise investors to come and invest in the market,” Al Mazroui said.
“And I think that the pace of that would trigger a correction of taking care of the risk of the supply and demand imbalance. If we achieve that level, then we will not have shocks to the world economies of very high prices and very low prices.”