On Saturday, the Energy Minister of the UAE, Suhail Al Mazrouei said that the country would invest heavily to secure its energy resources to keep servicing consumers.
Previously, Dr. Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Co. (ADNOC) said that the company had set a target to increase oil production capacity to 4 million bpd, to secure energy flows to global markets.
Mazrouei said he was not worried about the oil demand forecast for this year as the country is in a better position than 2019. He said that the US-China trade tension has eased.
Likewise, Jaber also showed optimism for the global economy in 2020. The UAE would be the first Arab country to operate a nuclear power plant this year, while also on track to achieve gas self-efficiency to ultimately become a net exporter.
The Barakah plant is in construction to be the biggest nuclear project in the world. It would have four reactors and 5,600 MW of capacity.
