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- UAE wants to increase oil output right now before diversification into green energy occurs, - WSJ reports, citing people familiar with the strategy
UAE wants to increase oil output right now before diversification into green energy occurs, - WSJ reports, citing people familiar with the strategy
According to The Wall Street Journal (WSJ), behind the standoff inside OPEC over whether to increase the oil production is the United Arab Emirates (U.A.E.), a key cartel member, with its new strategy: sell as much crude as possible before demand dries up.
The new strategy of the U.A.E., as described by officials familiar with the matter, represents one of the most significant shifts in oil policy by a major Mideast petrostate. For years, the region’s oil-producing governments have said they aren’t worried about finding crude buyers far into the future, the WSJ notes. The U.A.E. holds some of the world’s largest untapped crude reserves.
“This is the time to maximize the value of the country’s hydrocarbon resources, while they have value,” told WSJ a person briefed on the U.A.E.’s new strategy. “The aim of the investment is to generate revenue for the diversification of the economy, both for investment in new energy and, as importantly, in new revenue streams.”
According to people familiar with the new tack, the country wants to pump and sell as much as it can now, when demand and prices are strong. Proceeds will help it wean its economy off oil.
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