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Too early to say whether coronavirus pandemic will permanently affect oil demand: Suhail Al Mazrouei

Monday, November 09, 2020

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, stated that changes to oil prices are caused by supply and demand, and it is too early to say whether the coronavirus pandemic will permanently affect demand, which is the main factor for determining oil prices.

The trust in oil markets is gradually returning, due to the reassurances given by the global efforts aimed at containing the virus and producing an efficient vaccine, he added.

During his participation in a ministerial discussion organised on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, Al Mazrouei said, "The oil industry, from a supply perspective, is a regular process, and we, in the UAE, are capable of effectively overcoming the coronavirus pandemic. We will face the challenges and turn them into opportunities. We will also revisit our plans for the post-COVID-19 period, and we are learning lessons from the pandemic."

Oil and gas companies will continue providing energy at reasonable prices, he further added, noting that they believe that oil and gas will play key roles in the global energy mix, and they feel that their previous strategies are still on the right path while other companies are diversifying their businesses by integrating renewable energy.

OPEC+ is continuing to play a leading role, as its decisions have supported global oil markets and decreased the gap between supply and demand, he noted, stressing that the UAE is committed to implementing any collective decision issued by the organisation.

The UAE is a key supporter of the organisation’s efforts to stabilise oil markets, along with its other members, during the extraordinary conditions witnessed by the entire world, to ensure market stability, Al Mazrouei affirmed.

"In the oil industry, continuity of business is a medium stream tool in terms of strategies and best practices. However, the pandemic has made leaders reassess their traditional definitions of continuity of business, which can be seen in various sectors, including oil and gas, health, food, education and banking," he said in conclusion.

 

Source: WAM

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