U.A.E. Plans to Keep Investing in Energy Amid Volatile Oil Price - Bloomberg

U.A.E. Plans to Keep Investing in Energy Amid Volatile Oil Price - Bloomberg:



"The United Arab Emirates will continue building and upgrading its oil facilities to maintain its role as a major producer amid the decline and volatility in prices, Energy Minister Suhail Al Mazrouei said.



“Many are saying because of what’s happening around us in terms of the commodity prices, companies should rethink what they invest in their infrastructure. I disagree with that,” Al Mazrouei said today in a speech at a conference in Abu Dhabi, the U.A.E.’s capital and largest emirate. “I think the investment in the infrastructure and the upgrade of infrastructure has to continue.”


The U.A.E. pumped 2.7 million barrels a day of oil in December, making it the fifth-biggest supplier in the Organization of Petroleum Exporting Countries, according to data compiled by Bloomberg. The Persian Gulf nation can produce 3 million barrels a day, the data show, and it plans to boost capacity to 3.5 million barrels a day in 2017. Brent crude has dropped 55 percent in the last 12 months and was trading at $48.13 a barrel at 7:25 a.m. in London."



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