OPEC+ surprise cuts oil production
Surprising move by OPEC+ which announced a cut in oil production starting in May for all of 2023 by 1 million barrels a day. The news comes after the most massive cut among the countries that adhere to the enlarged organization of the world's major oil producers, that of half a million barrels which will be carried out by Saudi Arabia. This is Sultan Ahmed Al Jabe, a prominent member of the government of the United Arab Emirates, which heads the national oil company and is in favor of increasing investments in fossil fuels by 600 billion until 2030.
Hundreds of activists and environmentalists from around the world have denounced that for the first time the United Nations COP28 climate conference will be chaired by the head of one of the largest oil companies in the world. Sultan Ahmed Al Jaber, CEO of the Abu Dhabi national oil company (Adnoc), the state oil company of the United Arab Emirates which will host the COP in 2023.
Born in 1973, he has been the face of the UAE's energy sector for more than ten years and a member of the government since 2013. He has held the position of Minister of Industry since 2020, after being secretary of state, and is also the country's special envoy for climate change. In addition to running ADNOC, Al Jaber is the chairman of the Emirates development bank and of Masdar, the UAE state company for renewable energy, also known as the Abu Dhabi future energy company.
