Key information
- Global crude oil prices fell as concerns over conflicts in the Middle East eased and China's economic growth slowed.
- The Abu Dhabi International Oil Exhibition and Conference highlighted the UAE's commitment to energy partnership rather than polarization.
- The summit discussed the implications of the US presidential election for business, with the UAE minister expressing his best wishes to both candidates.
Global crude oil prices have fallen this year, with a barrel of Brent trading around 68.08 euros on Monday. Factors contributing to the decline include easing concerns over regional conflicts in the Middle East and slowing economic growth in China, as well as ample supply in the market.
The Abu Dhabi International Oil Exhibition and Conference began under these fluctuating conditions. Sultan al-Jaber, director of state-owned Abu Dhabi National Oil Co. and former head of COP28 negotiations, highlighted the UAE's commitment to partnership rather than polarization, to dialogue rather than division, and peace rather than provocation, during his opening speech. He highlighted that artificial intelligence was a technology of the future with significant energy demands, suggesting that no single energy source could meet these needs.
Political developments
The summit also featured discussions on US politics, with attendees speculating on the potential impact of the upcoming presidential election on their businesses. Suhail al-Mazrouei, the Emirates' minister of energy and infrastructure, stopped short of directly answering questions about preferences for Vice President Kamala Harris or former President Donald Trump. He expressed his best wishes to both candidates while emphasizing the importance of energy policy in the context of the summit.
Global energy policy
The close ties the UAE maintains with Russia, despite Western sanctions imposed following Moscow's war in Ukraine, were also evident at the event. The availability of Russian translation services and Lukoil, Russia's largest non-state oil company, as its main partner, further underlined this connection.
Orientations futures
This year's Abu Dhabi International Petroleum Exhibition and Conference coincided with fluctuating global crude oil prices and ongoing discussions over the US presidential election. While the UAE has committed to increasing its energy production, it has also recognized the need to use cleaner energy sources.
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