WGS 2024: UAE committed to ensuring global oil market stability with OPEC+

Commitment to sustainability and global oil market stability takes center stage
WGS 2024: UAE committed to ensuring global oil market stability with OPEC+
Al Mazrouei reiterated the UAE's commitment to collaboration with OPEC+ (Image source: WAM)

During the World Governments Summit (WGS) 2024 in Dubai, the United Arab Emirates (UAE) emphasized its commitment to collaborating with the Organisation of the Petroleum Exporting Countries and partners (OPEC+) to ensure stability in the global oil market amidst ongoing shifts and geopolitical dynamics.

Suhail bin Mohammed Al Mazrouei, the minister of energy and infrastructure, reiterated that commitment and revealed ambitious initiatives in the electric vehicle (EV) sector. He outlined plans to bolster the UAE’s EV system through strategic partnerships and infrastructure upgrades.

Global oil market outlook

Addressing the complexities of the global oil market, Al Mazrouei emphasized the importance of studying market dynamics and making informed decisions to ensure stability. Recognizing the multitude of variables and geopolitical factors at play, he affirmed the UAE’s dedication to contributing to global oil market stability through dialogue and cooperation with OPEC+ partners.

For his part, Haitham Al Ghais, secretary-general of OPEC, emphasized the UAE’s commitment to aiding OPEC in achieving price stability. He also emphasized that since joining the organization, the country has supported its objectives and endeavors aimed at stabilizing global oil markets to benefit all stakeholders, including producers, consumers, and investors.

During WGS 2024, Al Ghais highlighted the UAE’s prominent reputation as a dependable oil producer and exporter on the global stage. Consequently, he underscored the significance of the UAE’s role, stressing its positive impacts, particularly on global economic growth.

Read: ADGM joins International Forum of Independent Audit Regulators

UAE’s EV system upgrade

Al Mazrouei also highlighted the ministry’s efforts to enhance the UAE’s EV infrastructure during his participation in WGS 2024. Hence, the ministry is expanding the network of charging stations and forging partnerships with major global companies.

These initiatives aim to accelerate the growth of the EV sector which reduces the carbon footprint of the transportation sector and increases the adoption of environmentally friendly options.

By setting fair prices for private sector investment in fast-charging EV stations, the ministry seeks to position the UAE as a leader in EV infrastructure globally. Moreover, it emphasizes both accessibility and speed of charging as key priorities.

Significance of WGS 2024

Al Mazrouei underscored the significance of WGS 2024 for the UAE and the world, highlighting the unprecedented level of participation. The summit serves as a platform for engaging discussions on pressing global issues. This includes sustainability, energy transition, and economic stability. Thus, WGS 2024 facilitates meaningful dialogue and collaboration to address shared challenges and opportunities on the global stage.

For more news on markets, click here.

Related Topics:
The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.