UAE Believes The Oil Industry Is In “Decline Mode” ...Middle East

Crude oil is in “decline mode” in the long term, OPEC heavyweight the United Arab Emirates (UAE) says. “To assume oil is going to be there forever is wishful thinking,” the UAE’s Energy Minister Suhail Al-Mazrouei said at the ADIPEC energy conference, as carried by Bloomberg. “No matter how much we defend it, it’s in decline mode,” said the official from the UAE, one of the most influential members of OPEC and a major crude oil exporter.   Earlier this week, OPEC presented its annual World Oil…

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