UAE’s energy minister says oil industry in ‘long-term decline’

Oil is clearly in long-term “decline mode, according to the energy minister of the United Arab Emirates, one of the world’s biggest exporters of the commodity.

“To assume oil is going to be there forever is wishful thinking, Suhail al-Mazrouei said in a speech at the ADIPEC energy conference in Abu Dhabi.

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“No matter how much we defend it, it’s in decline mode.”

He was addressing young workers in the UAE, telling them focus on energy as a whole and not just oil.

The UAE will supply the world with crude for as long as it’s needed, al-Mazrouei said.

The Arabian Gulf is accelerating a multi-billion-dollar plan to raise production capacity, part of an effort to extract as much value as possible from fossil fuels while there’s still demand.

Still, the country is also investing in cleaner fuels such as hydrogen and solar power. It has committed to neutralizing carbon emissions within its borders by 2050.

President Mohammed bin Zayed has previously said the UAE will “celebrate when it pumps its last drop of oil.

“The question is, 50 years from now after we have loaded this last barrel of oil, are we going to feel sad? he said in 2015. “If our investment today is right, I think we will celebrate that moment.”

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