UAE Steers Oil Summit Amid Political Tensions and Price Fluctuations

The UAE's annual oil-and-gas summit opened with commitments to boost energy production despite falling global prices and geopolitical uncertainties, focusing on US elections and ties with Russia. The summit followed UAE's COP28 climate talks and highlighted UAE's intent to produce 5 million barrels daily while emphasizing clean energy initiatives.

The United Arab Emirates inaugurated its annual oil-and-gas summit on Monday, making commitments to enhance energy production despite a backdrop of declining global prices and geopolitical uncertainties linked to the approaching US presidential elections.

Held just a year after the COP28 climate talks, which concluded with a call for movement away from fossil fuels, the Abu Dhabi International Petroleum Exhibition and Conference mirrored the UAE's plans to increase oil production while embracing cleaner energy solutions.

With crude oil prices dropping—Benchmark Brent crude was around USD 74 per barrel—the summit also saw UAE officials steer clear of questions regarding US elections, while maintaining strong ties with Russia amidst Western sanctions.

(With inputs from agencies.)