ADNOC CEO Highlights Investment and Partnership Opportunities in the UAE
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of the Abu Dhabi National Oil Company (ADNOC) highlighted investment and partnership opportunities in the United Arab Emirates (UAE) during a panel session at the Bloomberg New Economy Forum.
Speaking during the virtual session titled ‘The Rise of Regional Champions: The Search for Resilience in a Fragmenting Global Economy,’ H.E. Dr. Al Jaber started by sharing his perspectives on the state of the global economy and oil markets. He said oil demand remains resilient and pointed to signs for optimism but stressed the need to focus on costs.
“If we take oil demand as a proxy for economic activity for example, even at the height of the lockdowns of March and April, the world still consumed 75 million barrels of oil per day and demand only dropped below 90 million for just 12 weeks. And if you look at the different regions, Europe for example, their growth is slowing down due to new Covid restrictions. Having said that, the U.S. recovery is extraordinarily robust, despite the pandemic. And if we look at Asia, the market is recovering very well.
“So, yes, we need to remain cautious, but there is very good reason for us to be optimistic, and I truly believe that we will get through this much stronger and also in a much healthier manner. What I think we need to do is to remain resilient and to stay focused on what we can control,” H.E. Dr. Al Jaber said.
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