The UAE continues to invest in expanding oil production capacity despite an uncertain global outlook for demand.
“Our projects in the UAE are going ahead. These decisions were taken a long time ago and we are building capacity,” said Mohammed al Hamli, the Minister of Energy, on the sidelines of an oil and gas conference in Dubai. “There is no question of delaying any plans.”
He told the conference that “a new round of heavy investments” in oil development would be required to avoid another cycle of high prices.
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