A Visitor walks past the logo of Adnoc at the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 10, 2019. REUTERS/Satish Kumar
Saudi Arabia and the United Arab Emirates, two of the world's biggest oil producers, are boosting output and refining and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.
"We and the UAE are going to be the exemplary producers," he told a major industry event in Abu Dhabi.
Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said earlier that zeroing out hydrocarbon investment due to natural decline could lead to a loss of 5 million barrels of oil a day per year from current supplies.
"The data is clear. If we zero out hydrocarbon investment ... due to natural decline ... we would lose 5 million barrels per day of oil each year from current supplies. This would make the shocks we have experienced this year feel like a minor tremor," Jaber said.
The world needs maximum energy and minimum emissions, he said.
"Here are the hard facts: Global supply chains continue to be fragile. Geopolitics are now more complex, fragmented and polarized than ever," he said.