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- Dubai 05:09 06:25 12:05 15:14 17:40 18:55
Dealers have been hoping that a slowdown in US output could help ease the build-up of global crude reserves. (Supplied)
The UAE has four per cent of the world's oil reserves and nearly 3.5 per cent of the global gas reserves, said Energy Minister Suhail bin Mohammed Faraj Faris Al Mazrouei.
He said the current UAE oil production accounts for nearly 10 per cent of the Organisation of Petroleum Exporting Countries (Opec) production, noting that Abu Dhabi hosts the International Renewable Energy Agency (Irena), making the country a focus of world attention with regard to renewable energy.
This was stated during a lecture delivered in Dubai on Thursday by the UAE Energy Minister at the Higher Colleges of Technology.
During the lecture titled "The future of Energy and Security of Resources in the UAE," he reviewed the UAE's efforts in the oil industry and its global role and weight in the Opec.
The minister gave an overview of oil production and the domestic consumption of petroleum derivatives, adding that the UAE has decided to invest in raising its production capacity to 3.5 million barrels per a day by the year 2017, and the capacity of local refineries from 707, 000 barrels per a day to 1.1 million barrels per a day in the same year.
He added that the move reflects the strategic outlook of the state to maintain its current position as a major exporter of oil in the world.
He touched on the major challenges facing the energy and water sector globally, adding that those challenges were triggered by the high oil and gas prices. The minister said the electric power generation and water desalination plants depend on fuels.
Al Mazrouei said that the steady increase in energy demand was accelerated by the rapid economic and population growth.
He added that the UAE leadership attaches great importance to the energy sector through diversifying its resources, adding that "The UAE government's goal is to make the country one of the world's best in the areas of energy policies, the best possible means for investment of energy resources, and focus on innovation in this sector."
Al Mazrouei also spoke about the main patterns of energy and water consumption in the UAE, adding that the rapid economic and population growth has led to an annual increase in electricity and water consumption by six per cent a year.
"This rate is considered significant compared to the average global growth," he added.
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