UAE minister: Global market oil supply glut nearly gone
Baku, Azerbaijan, Nov.7
By Leman Zeynalova – Trend:
The global market oil supply glut is nearly gone, said Energy Minister of the United Arab Emirates Suhail al Mazroui.
He made the remarks during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) which kicked off Nov.7, according to Pipeline Magazine, the official publisher of ADIPEC news.
“We need to optimize the finding cost and the production cost of every barrel of oil that we produce,” said the minister.
The conference will last till Nov.10.
The event held under the theme ‘Strategies for the New Energy Landscape’, ADIPEC 2016 celebrates its 19th edition with the largest event to date. It will bring together more than 2,000 exhibiting companies, 25 country pavilions, 700 speakers, 8,500 delegates, and 100,000 trade professionals from more than 125 countries.
Since its inception in 1984, ADIPEC has provided an unrivalled platform for industry experts to come together and share knowledge and meet with peers. ADIPEC remains in the top 3 oil and gas events in the world welcoming delegates, visitors and exhibitors from across the globe.