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Country Highlights

UAE & its Role in The Global Oil Market

The UAE remains a leading global oil producer and exporter as a founding member of Organization of the Petroleum Exporting Countries. It currently holds the sixth largest proven crude reserves globally according to BP statistics for 2022.

However—the country is proactively transitioning its oil industry for a lower carbon future. Plans are underway to expand carbon capture facilities and invest in hydrogen production using natural gas and solar power.

Domestically— the UAE also aims to meet half its total energy needs from renewables by 2050 to reduce emissions. Large-scale solar projects coupled with nuclear power will help diversify the energy mix away from oil dependence over the long-term.

Internationally— the UAE has advocated for responsible production cuts within Organization of the Petroleum Exporting Countries+ to stabilize prices while ensuring security of oil supply. It also participates in global climate initiatives like the Methane Pledge to curb emissions across industries.

While hydrocarbons will remain integral to the economy for decades, policies signal the intent to utilize oil revenues for green investments and ensure the sector’s sustainable growth. Regional leadership in clean technologies is a strategic priority.

Geopolitical uncertainties and supply disruptions underscore oil’s continued importance for meeting global energy demand growth, especially in emerging markets. The UAE plays a stabilizing role through responsible production management within OPEC+ to ensure security of oil supply during periods of volatility.

Transitioning existing oilfields to carbon capture facilities also presents an opportunity to leverage existing infrastructure and expertise. Early investments position the UAE as a leader in emerging technologies that can help decarbonize other industries and create a carbon oil removal industry cluster.

Renewable energy exports especially hold promise. Developing solar and hydrogen projects jointly with neighboring states via cross-border interconnectors can help meet regional electricity needs while diversifying revenue streams. Regional cooperation will define the pace of energy transitions.

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Featured Reports

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