### UAE Kicks Off Annual Oil and Gas Summit Amid Global Uncertainty

The United Arab Emirates commenced its yearly oil-and-gas summit on Monday, setting the stage for discussions on increasing the nation's energy output against a backdrop of fluctuating global oil prices and political uncertainties as the U.S. presidential election looms. The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) follows the UAE's hosting of the COP28 climate talks, which concluded with an unprecedented call by nearly 200 countries to transition away from fossil fuels.

Despite the climate pledge, the UAE is determined to boost its oil production capacity to 5 million barrels per day in the coming years while simultaneously pursuing cleaner energy initiatives domestically. UAE officials remain tight-lipped on the U.S. election, maintaining close ties with Russia notwithstanding the ongoing conflict in Ukraine.

"Allow me to say that we in the United Arab Emirates will always choose partnership over polarization, dialogue over division, and peace over provocation," stated Sultan al-Jaber, head of the state-run Abu Dhabi National Oil Co. (ADNOC) and the leader of the COP28 talks. Al-Jaber highlighted the role of artificial intelligence in the future of the energy industry, emphasizing the technology's significant demand for electricity.

"No single source of energy is going to be enough to meet this demand," al-Jaber noted, advocating for a variety of energy sources, including fossil fuels. "Oil will continue to be used for fuel and as a building block for many essential products," he added.

Meanwhile, scientists have called for a dramatic reduction in global emissions to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels. The 2015 Paris Agreement targets this limit without explicitly calling for a halt in fossil fuel use. OPEC Secretary-General Haitham al-Ghais pointed out, "The Paris Agreement, ladies and gentlemen, is about the reduction of emissions. It's not about phasing out or phasing down or keeping the oil under the ground."

Highlighting the need for continued investment in oil and gas, Suhail al-Mazrouei, the UAE's minister of energy and infrastructure, stated, "We are committed to invest in making more resources in the future to ensure the world will have adequate oil and gas resources. As we accelerate other green energy transition, we will still need affordable traditional energy at least for two decades, if not longer."

Political considerations are also in the spotlight at ADIPEC. Attendees debated the potential impact of U.S. presidential candidates Vice President Kamala Harris and former President Donald Trump on their businesses. Al-Mazrouei, when asked about his country's preference, remarked, "Of course, we will be discussing energy politics here and I (would) rather not... talk about the election in the United States. As a political contest, we wish both candidates the best."

ADNOC executive Musabbeh al-Kaabi expressed concern that "escalating tensions and trade wars may have an impact on the energy transition going forward," though he refrained from commenting directly on the U.S. election. Despite Western sanctions over Moscow's war, the UAE continues to have strong ties with Russia, illustrated by the presence of Russian translation services at the event and the participation of Lukoil, Russia's largest non-state oil company.

The ongoing conflicts in the Middle East are a persistent concern. "I think the conflict in the Middle East is probably the top risk," said Murray Auchincloss, CEO of U.K.-based BP. "We're worried about the safety and security of our people and the security of energy flows."