UAE Energy Minister Suhail Al Mazrouei said on Monday that the fuel prices paid by consumers at gas stations will be driven by the desire to continue investing in fossil fuels.Other leaders in the oil and gas sector also stressed the need for continued investment to facilitate the energy transition.
The group, which includes the Organization of the Petroleum Exporting Countries and LED in Russia, agreed in June to extend oil production cuts until the end of 2024. Saudi Arabia and Russia also extended additional voluntary reductions of 1.3 million per day until the end General.
The importance of continuing investment in the oil and gas sector said that he believed that invitations to stop oil investment would be counterproductive. "We are still expected to be a strong oil demand this year as last year," he said, adding that the Organization's expectations indicate an annual demand growth at more than 2.3 million barrels per day.
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