00:00Oil demand will remain above 100 million barrels per day beyond 2040,
00:06according to the UAE oil giant and NOx Chief Executive Sultan Al-Jabir.
00:11The UAE is one of the eight OPEX Plus members that has agreed to raise December output,
00:17but pause increases in the first quarter of 2026
00:20as the group moderates plans to regain market share amid concerns of a supply glut.
00:26New Western sanctions on OPEX Plus member Russia are adding to challenges in their strategy,
00:34as Moscow may struggle to further raise output after the US and Britain
00:38imposed fresh measures on top producers Rosneth and Lukoil.
00:43However, Al-Jabir said that the long-term outlook shows growth in energy demand,
00:48adding that cost discipline must be balanced with capital investment.
00:52OPEX Plus has granted the UAE a bigger production quota this year
00:57after the country said the producer group was restricting its output too much
01:02when it had invested heavily to expand capacity to 4.85 million barrels per day
01:08from 3 million barrels per day.
01:11UAE Energy Minister said in July that his country could further boost its oil capacity
01:16after 2027 if that is what markets require,
01:20implying the country had the potential to become one of the world's five biggest producers.
01:25During a panel at the Energy Conference,
01:27Qatar's Energy Minister Sainte Al-Kaabi also said that his country
01:31will not be delivering liquefied natural gas to Europe
01:34if the EU does not look at how to water down sustainability law or cancel it.
01:40It's associated.
01:41It's associated.
