UAE Energy Minister Says Oil Industry’s in Long-Term ‘Decline Mode’
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Oil is clearly in long-term “decline mode,” according to the energy minister of the United Arab Emirates, one of the world’s biggest exporters of the commodity.
“To assume oil is going to be there forever is wishful thinking,” Suhail al Mazrouei said in a speech at the Adipec energy conference in Abu Dhabi. “No matter how much we defend it, it’s in decline mode.”