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Saudi, UAE tout higher oil production, days before COP climate talks

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Agence France-Presse

ABU DHABI - Saudi Arabia and the United Arab Emirates said the world needs higher oil production on Monday, just days before the COP27 climate summit aimed at curbing global warming.Saudi Arabia&#x27;s energy minister said the neighbouring Gulf countries were increasing production capacity, while a senior UAE official said the world&#x27;s growing population would need 30 percent more energy by 2050.Both insisted that oil remains a cornerstone of energy supply, but said they were working to lower emissions and increase production from renewable or less-polluting sources.&quot;We and the UAE are increasing our production capacity. We and the UAE are increasing our refining,&quot; Saudi Energy Minister Prince Abdulaziz bin Salman told the ADIPEC oil conference in Abu Dhabi.&quot;We and the UAE are going to be the exemplary producer: hydrocarbon producer, but also achieve all the sustainability goals,&quot; he added.The Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) opened just over a week before COP27 in Egypt, where representatives from nearly 200 countries will take part in the latest round of climate negotiations.COP26 last year ended with a pledge to keep global warming at 1.5 degrees Celsius over pre-industrial levels -- a goal the world is set to miss on current emission trends.Sultan Al Jaber, the UAE&#x27;s special envoy on climate change and manager of state-owned oil giant ADNOC, said energy production must rise to cater for a global population of 9.7 billion by 2050.&quot;If we zero out hydrocarbon investment, due to natural decline, we would lose five million barrels per day of oil each year from current supplies,&quot; he said. &quot;This would make the shocks we have experienced this year feel like a minor tremor. If this year has taught us anything, it taught us that energy security is the foundation of all progress.&quot;The world needs all the solutions it can get. It is not oil and gas, or solar, not wind or nuclear, or hydrogen... it is all of the above,&quot; he added.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/09/27/22/marcos-seeking-russian-oil-fertilizer-supply-report">Marcos seeking Russian oil, fertilizer supply: report</a></li>	<li><a href="https://news.abs-cbn.com/business/10/06/22/oil-prices-climb-as-opec-cuts-output">Oil prices climb as OPEC+ cuts output</a></li>	<li><a href="https://news.abs-cbn.com/spotlight/09/23/22/7-ways-we-can-help-slow-climate-change">7 ways we can help slow climate change</a></li></ul>RELATED VIDEO<figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/3jlUD8AmCQI?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Saudi Arabia and the UAE said the world needs higher oil production on Monday, just days before the COP27 climate summit aimed at curbing global warming.