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.
Saudi Arabia is the OPEC member with the greatest spare capacity, at least on paper, and Aramco earlier this year announced plans to boost what it calls Maximum Sustainable Capacity from the current level of 12 million bpd to 13 million bpd by 2027.
Eni said that the discovery follows the initial finding in a shallower zone of the same well, aggregating to a total gas in place of 2.5 – 3.5 tcf.