Forecasts for future demand and supply may fluctuate, but cutting costs and increasing efficiency will serve Abu Dhabi in the long term, Minister of Energy and Industry Suhail Al Mazroui said during a panel discussion at ADIPEC.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
Fitch Ratings has cut Saudi Aramco’s rating to A from A+, following its downgrade of Saudi Arabia.
Oil prices spiked as a result of the mid-September attack on Saudi Arabia’s production facilities but have since fallen back.
Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks.
The oil market is facing a prolonged disruption to Saudi Arabia’s oil production with few options for replacing such huge output losses.
Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.