UAE energy minister: Oil industry is in long-term “decline mode”

The United Arab Emirates’ energy minister claims that oil is undeniably in a long-term “decline mode.”
“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.
“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 UAE 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.
The UAE is also investing in cleaner fuels such as hydrogen and solar power. It has committed to neutralizing carbon emissions within its borders by 2050.
In the virtual meeting this week, UAE President Sheikh Mohamed bin Zayed Al Nahyan and US President Joe Biden highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition, advance shared climate goals and strengthen global energy security.
Launched in Abu Dhabi the UAE-US Partnership for Accelerating Clean Energy (PACE) will see $100bn in funding and investment to deploy 100 new gigawatts of clean energy in the US, UAE, and emerging economies around the world by 2035.
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.
“I believe we will celebrate that moment if our investment from today is successful”.