UAE Energy Minister Plays Down Impact of US Withdrawal from Iran Deal on OPEC

Suhail Al Mazrouei. the UAE Minister of Energy and Industry. has played down the impact of the recent US decision to withdraw from Iran nuclear deal on Opec (Organisation of the Petroleum Exporting Countries). saying the organisation has been through a lot in the past. reflecting its resilience during geopolitical issues that arise on regional and international levels.

“I don’t think this time is going to be different in terms of dealing with such issues.“ the minister said.

Al Mazroui went on to say that there are more significant issues to deal with. such as a decline in (oil) production in bigger countries including Venezuela. and “we are managing well.“

“I’m not worried about what is happening regarding sanctions on some of the member countries. and how these events are going to affect how Opec looks or deals with things.“ he affirmed.

As for Adnoc’s recent announcement concerning the Downstream Expansion Strategy. Al Mazroui said that the strategy is in line with UAE policy. This involves “maximising the value of every barrel. so instead of exporting crude. we will be exporting products allowing for the manufacturing industry to expand in Abu Dhabi and the UAE.“

It’s going to provide job opportunities — 15.000 as the Adnoc strategy indicated — which will further diversify the UAE economy. moving away from just exporting crudes. the Minister added.

“We will have less exporting of crude. and more of exporting products and materials that the world needs through joint ventures with the manufacturing world. and with partners in the East and here in Europe and whoever is going to partner with us in this $45 billion investment.“ Al Mazroui explained.

 

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