In 2021, India’s refining giant Reliance Industries announced plans to move most of its oil-trading staff from Mumbai to Dubai.
Declining oil production in many countries and the potential of insufficient crude supply will be a bigger problem for the oil market next year than how demand will evolve, according to the United Arab Emirates (UAE).
The UAE and France have agreed to develop commercial and other opportunities as part of the Cop28 global climate summit, to further accelerate the development of clean energy.
The United Arab Emirates (UAE) has been repeatedly criticised since winning its bid to hold the COP28 climate summit later this year, particularly for its ongoing dependence on oil and gas to sustain its economy. While some say it is vital that the oil powers requiring the most diversification to survive without fossil fuels, such as the UAE, be closely involved in the global climate talks, others are condemning the decision.