The feedback on the annual Abu Dhabi International Petroleum Exhibition and Conference within the Emirati capital highlighted the contradictions available in the market and within the United Arab Emirates, a significant oil producer that hosted the United Nations COP28 local weather talks in 2023.
Sultan al-Jaber, the top of the state-run Abu Dhabi National Oil Co, who led COP28, described the vitality market as needing “reinforcement, not alternative.” U.S. Interior Secretary Doug Burgum applauded al-Jaber’s remarks and criticised what he described as “a set of insurance policies which were pushed by an ideology round local weather extremism.”
“The demand for energy goes to go up and up and up,” Burgum stated. “Today’s the day to announce that there isn’t any vitality transition. There is simply vitality addition.”
OPEC+ halts first-quarter manufacturing hikes
On Sunday (November 2, 2025), OPEC+ met and determined to extend its manufacturing by a further 1,37,000 barrels of oil starting in December. However, it stated different changes deliberate in January, February and March of subsequent yr can be paused “as a result of seasonality.”
OPEC+ consists of the core members of the cartel, in addition to nations exterior of the group led by Russia.
Benchmark Brent crude offered on Monday (November 3, 2025) round $65 a barrel, down from a post-COVID excessive of some $115 a barrel after Russia’s full-scale invasion of Ukraine in 2022. It had fallen to $60 a barrel in latest days over issues that the market had an excessive amount of manufacturing.
“Yes, OPEC+ is blinking, nevertheless it’s a calculated transfer,” stated Jorge León, the top of geopolitical evaluation at Rystad Energy. “Sanctions on Russian producers have injected a brand new layer of uncertainty into provide forecasts, and the group is aware of that overproducing now may backfire later. By pausing, OPEC+ is defending costs, projecting unity and shopping for time to see how sanctions play out on Russian barrels.” Suhail al-Mazerouei, the Emirates’ vitality and infrastructure minister, nevertheless, dismissed any concept long-term of an excessive amount of oil being available in the market.
“I’m not going to speak about an oversupply situation,” he stated. “I am unable to see that. I am unable to justify that. And I feel all of what we’re seeing is extra demand.”
Burgum backs manufacturing, knocks Russia
Burgum, a former Republican governor of North Dakota and the chair of U.S. President Donald Trump’s National Energy Dominance Council, was available for the Abu Dhabi oil summit on Monday.
He praised the partnership oil-producing Gulf Arab states have with America, saying: “We share a perception about vitality coverage.” “People have described the local weather as an existential risk. Again, to assist folks perceive US vitality coverage, we’re centered on two substantial threats. One is Iran couldn’t have a nuclear weapon,” Burgum stated. “But the second factor is that the free world can not lose the AI arms race. … You want chips, you want software program fashions and also you want extra electrical energy.”
The common worth for a gallon of gasoline within the US, a key financial and political indicator within the nation, stood at $3.03 on Monday (November 3, 2025). Mr. Trump additionally has criticised each OPEC+ and Saudi Arabia at occasions over the value per barrel, notably in his first time period.
Meanwhile, each the United States and the United Kingdom carried out new oil sanctions concentrating on Russia over its warfare on Ukraine. Those sanctions targets included Rosneft and the Russian oil firm Lukoil, whose red-and-white emblem hung over the annual oil convention.
The UAE has maintained shut ties to Russia regardless of the warfare, however has served as a key interlocutor between Kyiv and Moscow to barter prisoner exchanges.
“The Russian and Ukraine warfare is being funded by vitality gross sales,” Burgum stated on a stage that had flashed the Lukoil emblem earlier than his remarks.
Climate change worries take a backseat
The oil convention comes after the UAE hosted COP28. Those talks ended with a name by practically 200 nations to maneuver away from planet-warming fossil fuels — the primary time the convention made that essential pledge. Scientists have referred to as for drastically slashing the world’s emissions by practically half within the coming years to restrict international warming to 1.5 levels Celsius in contrast with pre-industrial occasions.
But the UAE as an entire nonetheless plans to extend its manufacturing capability of oil to five million barrels a day within the coming years because it pursues extra clear vitality at dwelling.
Qatari Energy Minister Saad Sherida al-Kaabi repeated a warning to the European Union that his nation may halt their liquefied pure fuel shipments — one thing essential as a result of Russian LNG being banned — over its Corporate Sustainability Due Diligence Directive. That seeks to have corporations pursue net-zero emission targets.
“I feel, you understand, a small a part of this convention, sadly, modifications with politics relying on when it was President Biden and President Trump and so forth,” al-Kaabi stated. “I feel that they are not info and realities and I feel we should not be following politics after we take a look at the lives of individuals for the long run and the way a lot vitality we’d like sooner or later.”
