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JPMorgan's calls for a "reality check" on the world's energy transition goals and pathway is a "sensible," the UAE's energy minister told CNBC. "We need always, whenever we put up predictions, especially long term ones, to have a reality check," Suhail Al Mazrouei told CNBC's Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum. In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. "I think it's a very sensible article," said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.
Persons: Al Mazrouei, CNBC's Dan Murphy Organizations: CNBC, Economic, JPMorgan Locations: Riyadh, Saudi Arabia, Ukraine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE energy minister on JPMorgan urging the need for a 'reality check' on the energy transitionSuhail Al Mazrouei, the UAE energy minister, comments on JPMorgan calling for a “reality check” on the energy transition.
Persons: Al Mazrouei Organizations: UAE, JPMorgan Locations: UAE
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE plans to triple its solar capacity before 2030: Minister Suhail Al MazroueiThe UAE plans to triple its solar capacity before 2030. Energy and Infrastructure Minister Suhail Al Mazrouei tells CNBC’s Dan Murphy after the country announced its plans to invest $54 billion in a net-zero push.
Persons: Suhail Al, Suhail Al Mazrouei, CNBC’s Dan Murphy Organizations: UAE, Energy, Infrastructure Locations: Suhail Al Mazrouei, UAE
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We need to be practical,' UAE energy minister says ahead of COP28“We need to be practical,” UAE’s Minister for Energy and Infrastructure Suhail Al Mazrouei tells CNBC’s Dan Murphy ahead of the COP28 climate summit.
Persons: Al Mazrouei, CNBC’s Dan Murphy Organizations: Energy, Infrastructure Locations: UAE, COP28
Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.
Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE
DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.
Oil prices fall Tuesday after the US said it plans to sell more oil from the Strategic Petroleum Reserve. The Energy Department will start the sale of 26 million barrels of sweet crude in April. Brent crude oil, the global benchmark, fell 1.5% to $85.40 a barrel but was off lows of the session. The drop in oil prices Tuesday was also taking place as US consumer price inflation data showed prices eased in January, but it was by less than anticipated. OPEC, meanwhile, on Tuesday, raised its 2023 oil demand forecast by 100,000 barrels per day, to 2.3 million barrels, as China reopens its economy after strict COVID-related restrictions.
Why Egypt is asking its people to eat chicken feet
  + stars: | 2023-01-18 | by ( Nadeen Ebrahim | ) edition.cnn.com   time to read: +17 min
Abu Dhabi CNN —Egypt’s economic situation is so dire that the government is asking people to eat chicken feet. In Egypt, chicken feet are seen as the cheapest of meat items, considered by most as animal waste rather than food. After the recommendation to switch to chicken feet, the price of one kilogram of the product reportedly doubled to 20 Egyptian pounds ($0.67). But those firms don’t operate like private companies, enjoying special privileges without disclosing their financial data to the public. Experts have questioned why international creditors had not leveraged their loans to drive Egypt’s military out of the economy.
UAE energy minister: Nothing political about any OPEC decision
  + stars: | 2022-10-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE energy minister: Nothing political about any OPEC decisionUAE Energy Minister Suhail Al Mazrouei speaks to CNBC's Hadley Gamble following the OPEC+ decision to cut oil production by 2 million barrels per day to shore up prices.
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