ABU DHABI: Kuwaiti Minister of Oil Dr Mohammad Al-Fares (third from left) speaks during the Abu Dhabi International Petroleum Exhibition and Conference. - KUNA

ABU DHABI: Participants in a discussion panel at the opening ceremony of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2021) yesterday stressed on the importance of the OPEC+ role in achieving balance in the market through setting a forecast plan for 2022. Kuwaiti Minister of Oil and Higher Education Dr Mohammad Al-Fares headed the Kuwaiti delegation, which included CEO of Kuwait Petroleum Cooperation (KPC) Hashem Hashem and Kuwaiti OPEC governor Mohammad Al-Shatti.

Participants at the start of the gathering pointed out that oil producers increased the output and ensured sufficient supply to the market, thus paving the way for improved living conditions. They said that developing countries need investments to increase their production in oil and gas to improve their economy and standard of life. UAE Minister of Energy and Infrastructure Suhail Almazroui attended the discussion panel alongside OPEC General Secretary Mohammad Barkindo, Omani Minister of Oil and Gas Mohammad Al-Ramhi and Guinean Minister of Mines Hydrocarbons Gabriel Lima.

The convention, held after UN's Climate Change Conference (COP-26) that discussed means of protecting the environment, is due to proceed until November 18. ADIPEC 2021 is sponsored by the President of UAE Sheikh Khalifa Bin Zayed Al-Nahyan, represented by Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour Bin Zayed Al-Nahyan. Officials from several countries are partaking in the event. Egypt will be hosting COP-27 and the UAE will host COP-28. The regional countries' planned hosting of the international conferences depict the role of the Middle East in investing in renewable energy, securing the energy and environment worldwide.

The OPEC+ alliance decided during a ministerial meeting, on November 4, to maintain current oil production and increase the output gradually. Oil ministers of OPEC and non-OPEC oil-producing countries had agreed on hiking the oil production by some 400,000 barrels per day until December.

The conference focuses on new market dynamics, future fuel, future energy companies and transformational technologies. There are 51 national and international oil companies and 26 booths from 167 countries taking part in the event. The conference also includes the 11th edition of the ADIPEC awards, which will be hosted today with the participation of over 700 projects from more than 50 countries. - KUNA