UAE Oil Summit Opens Amid Global Uncertainties

The United Arab Emirates (UAE) has opened its annual oil-and-gas summit with plans to boost energy production to 5 million barrels per day, despite falling global oil prices and geopolitical uncertainties ahead of the U.S. presidential election. This summit follows the UAE's recent hosting of the COP28 climate talks, where a global call to move away from fossil fuels was made. UAE officials, including Sultan al-Jaber of the Abu Dhabi National Oil Co., emphasized the country's commitment to partnership and dialogue over division, while also highlighting the role of artificial intelligence in the energy sector and the need for a diverse energy mix. Despite the global push for reduced emissions, the UAE remains focused on maintaining its energy production, with ties to Russia remaining intact amid the ongoing Ukraine conflict. The current depressed crude prices, trading around $74 per barrel, are attributed to eased Middle East tensions, China's slow economic growth, and market oversupply. The summit also saw discussions around the potential impacts of the U.S. election on the oil industry, though UAE officials declined to comment on their preferred candidate.