The United Arab Emirates inaugurated its annual oil-and-gas summit today with a focus on expanding energy production despite fluctuating global oil prices and an uncertain political landscape influenced by the looming U.S. presidential election.
The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) has gathered industry leaders and policymakers against a backdrop of heightened geopolitical tension and environmental challenges. The summit follows last year’s COP28 climate talks, hosted in Dubai, where nearly 200 countries pledged to curb fossil fuel reliance in an effort to combat climate change.
However, the UAE, one of the world’s leading oil producers, has plans to increase its output to 5 million barrels per day in the coming years, while also investing in renewable energy. This dual approach, blending traditional and renewable energy investments, reflects the UAE’s strategy of balancing energy needs with environmental responsibilities.
Sultan al-Jaber, head of the state-owned Abu Dhabi National Oil Company (ADNOC) and chair of the COP28 talks, emphasized the UAE’s commitment to international cooperation and energy security. “In the UAE, we will always choose partnership over polarization and peace over provocation,” he stated. Al-Jaber underscored the importance of diverse energy sources, including fossil fuels, to meet the world’s rising energy demands, partly fueled by growth in energy-intensive sectors like artificial intelligence.
Despite a global call to reduce emissions, OPEC leaders reiterated that the 2015 Paris Agreement focuses on emission reduction rather than abandoning fossil fuels altogether. Haitham al-Ghais, OPEC Secretary-General, clarified, “The Paris Agreement is about reducing emissions, not eliminating oil and gas.”
India’s Petroleum Minister, Hardeep Singh Puri, expressed similar sentiments, asserting that fossil fuels would remain essential for decades. He also cautioned against an ideologically driven approach to phasing out traditional energy sources prematurely, arguing that a balanced energy transition is crucial to sustaining economic stability.
Political uncertainties surrounding the U.S. election also surfaced at the summit, as many delegates weighed the potential impact of either a Trump or Harris presidency on global energy policies. Although UAE officials avoided direct comments on the election, Suhail al-Mazrouei, the UAE’s Minister of Energy, underlined the importance of continued investment in oil and gas to ensure stable global supplies, regardless of U.S. political shifts.
The ongoing conflicts in the Middle East, particularly concerns over the safety of personnel and the security of energy supply chains, were highlighted by BP CEO Murray Auchincloss. Acknowledging the gravity of regional tensions, Auchincloss described the conflict as one of the “top risks” facing the energy sector.
As discussions continue, the UAE aims to lead the charge for a balanced approach to energy — expanding fossil fuel production alongside renewable energy investments — and to foster stability and security in an uncertain world.