Oil outlook is moderately optimistic

UAE Energy Minister Mohammed bin Dha’en Al Hamili on Wednesday attended the opening session of the 4th Gulf Intelligence UAE Energy Forum in Abu Dhabi. Focused on the oil industry in East Africa, the event drew Ministers of Energy from Mozambique and other African countries, as well as world major oil and gas companies. Dr Ali Obaid Al Yabhouni, chief executive officer of National Gas Shipping Company Ltd (NGSCO) and Abu Dhabi National Tanker Company (ADNATCO), said : “We have been given important insights into some of the challenges facing the oil and gas industry over the coming years. It has been particularly interesting to hear the vision of some of the new players on the block, namely those in the African continent.” He added the industry is in a constant state of flux, with unexpected game-changing trends constantly making an appearance. “We all need to respond and adapt, and meetings such as this help us to remain well-informed of emerging situations.” Al Yabhouni noted that there is always uncertainty and geo-political turmoil. “The recent fiscal cliff issue in the United States shows just how closely politics impacts on the economy, and we are all relieved that the issue has been averted. However, allow me to give you some indications of what we should expect in the coming months,” he added. He added that the impact of global economic growth on energy demand makes this the single most important indicator impacting the oil market, indicating that on this issue, the outlook is moderately optimistic. The world economy is expected to grow by 3.2 per cent in 2013. “That is just a little bit better than last year’s level of three per cent. But one should note that this year’s global economic performance is subject to continued uncertainties. OECD growth is likely to remain static at 1.4 per cent and, as in previous years, the major growth contribution is seen coming from the emerging economies. In 2013, China is expected to expand by 8.0 per cent after growth of 7.6 per cent last year, and India by 6.6 per cent, up from 5.5 per cent growth,” Al Yabhouni said.?