Abu Dhabi International Petroleum Exhibition and Conference to begin
The 10th annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) will begin today, virtually convening over 700 energy thought leaders and industry experts.
ADIPEC provides an annual forum for energy professionals and policymakers to meet and discuss the industry as it relates to the UAE. OPEC member states like the UAE set prices and production quantities to optimise revenues, but are now having to contend with the dual crises of low oil prices and high debt burdens, which will create long-term financial instability.
The UAE, with 30% of its economy based on oil and gas output, has suffered during the global pandemic-induced recession and has seen its economy shrink by 11% in 2020. With oil revenues decreasing due to tightening OPEC production and export quotas, the UAE is looking to diversify energy revenues and expand existing supply chains. Having signed a preliminary agreement with Israel to supply Europe with energy via pipeline, the UAE will likely use today’s conference as a way to legitimise this agreement with Israel and find European energy markets outside of its two largest—Japan and India—and to find new buyers for their energy exports to buoy a faltering economy.
