Hazza Bin Zayed opens ADIPEC 2017
ABU DHABI: Under the patronage of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, Sheikh Hazza Bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, on Monday inaugurated the 20th edition of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC 2017.
The event is being held at the Abu Dhabi National Exhibition Centre, ADNEC, and will run until the 16th of November under the theme, ‘Forging Ties, Driving Growth’.
Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance, today visited the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, 2017.
During the tour, Sheikh Nahyan was briefed on the participating pavilions from different countries, and listened to an explanation from specialists and exhibitors in the field of oil and gas.
He said that the international event has become a specialised platform that brings together all parties involved in the oil and gas sector to communicate and exchange experiences and learn about the latest innovative technologies in this vital and important sector.
Suhail Al Mazrouei, Minister of Energy and Industry, on Monday said that there is potential for extending Opec’s oil output cut deal next year.
“I don’t think there is anyone who is against the extension. We need market stability and a healthy price as I am not happy with the current price fluctuations between $40 and $60 within only one year,” the minister said in a panel held on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference which opened in the UAE capital.
“We need a healthy price for all parties concerned, including producers, investors and consumers,” added the minister, expressing hope that Opec would have a consensus on extending the output cut deal next year.
“The whole issue is subject to discussions as it is a very complicated decision to take. But again, we need market stability and investment and that’s why we say there is a potential for an extension.” Al Mazrouei re-affirmed the UAE’S keenness to developing constructive, and longlasting relationships with different countries around the world.
Suhail Al Mazrouei, Minister of Energy and Industry, has said that the current recovery of the oil market is due to market forces which benefit OPEC and shale oil producers alike.
He made his comments while taking part in the UAE Ministry of Energy and Industry Knowledge Series panel discussion entitled, “Oil and Gas Outlook to 2020, What Stage of Cycle are We in?” on the inaugural day of ADIPEC at the Abu Dhabi Exhibition Centre.
The minister said that shale oil producers are needed as part of the equation, “We cannot exclude them, or think that they are working against us,” he said, adding, “Yes, they are one of the beneficiaries of the correction in oil prices.”
He also referred to the forecast of oil demand in the past, saying that now it is better than what was predicted.
Sheikh Hazza is being briefed about the salient features of ADIPEC 2017 in Abu Dhabi on Monday.