UAE Oil Summit Opens with Commitment to Boost Production Amid Low Prices

The UAE pledges to increase oil output to 5 million barrels per day despite global price drops and geopolitical uncertainties.

The Abu Dhabi International Petroleum Exhibition and Conference begins as the UAE aims to enhance its oil production capacity.
UAE officials emphasize the need for diverse energy sources, including fossil fuels, to meet future demand.
Crude oil prices remain low, with Brent crude trading around $74 per barrel due to oversupply and slowing Chinese economic growth.
UAE maintains strong ties with Russia, hosting Lukoil as a major summit partner despite Western sanctions.
Political discussions at the summit include speculation on the U.S. presidential election, with UAE officials avoiding taking sides.