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FINANCIAL NEWS
UAE refuses to give in as it pushes ahead vital oil schemes
27 Jul 2016
(MENAFN) betting an oil price recovery will start as early as next year as demand begins to absorb the global glut, the UAE is closely working on launching massive new energy projects.
In more detail, Oil prices deteriorated after Saudi Arabia and Gulf allies the UAE, Kuwait and Qatar enforced a decision by OPEC to fight for market share with rival producers.
However, there’s no secret that things are looking bad as low prices have also slowed some non-oil projects in the UAE, including the opening of a huge new Louvre museum.
All in all, The UAE is hoping the biggest share of its energy needs will be covered with rising gas production by 2021, while a third of energy needs will be met with nuclear and solar projects.
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