The UAE opens its annual oil-and-gas summit as industry weathers Mideast wars and awaits US election

ABU DHABI, United Arab Emirates (AP) — The United Arab Emirates opened its annual oil-and-gas summit on Monday as it plans to increase the country's energy output as global prices stay volatile and world politics remain uncertain ahead of the U.S. presidential election.

The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels — the first time the conference made that crucial pledge.

But the UAE as a whole still plans to increase its production capacity of oil to 5 million barrels a day in the coming years as it pursues more cleaner energies at home. Meanwhile, UAE officials have made a point to dodge any questions about the U.S. election while maintaining their close ties to Russia despite Moscow's war on Ukraine.

“Allow me to say that we in the United Arab Emirates will always choose partnership over polarization, dialogue over division and peace over provocation,” said Sultan al-Jaber, who heads the state-run Abu Dhabi National Oil Co., or ADNOC, and who also led the COP28 talks in Dubai.

Crude oil prices have been depressed this year. Benchmark Brent crude traded around $74 a barrel on Monday as prices have dropped after concerns over the ongoing Mideast wars growing into a regional conflict faded in recent days.

Slowing economic growth in China and ample supply in the market are additionally dragging down prices.

In his speech opening the summit, al-Jaber pointed to artificial intelligence as a future technology that could be deployed by the energy industry — and one with a voracious appetite for electricity.

“No single source of energy is going to be enough to meet this demand,” he said. He called for a variety of energy sources to meet that challenge, including fossil fuels.

“Oil will continue to be used for fuel and as a building block for many essential products,” al-Jaber added.

Scientists have called for drastically slashing the world’s emissions by nearly half in the coming years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times.

The 2015 Paris Agreement mentions that limit without specifically calling for a stop on using fossil fuels — something that OPEC Secretary-General Haitham al-Ghais seized on in remarks.

“The Paris Agreement, ladies and gentlemen, is about the reduction of emissions,” he said. “It’s not about phasing out or phasing down or keeping the oil under the ground.”

Suhail al-Mazrouei, the Emirates’ minister of energy and infrastructure, separately stressed that “investments in the oil and gas need to be taken care of” to support demand in the market.

“We are committed to invest in making more resources in the future to ensure the world will have adequate oil and gas resources,” he said.

Hardeep Singh Puri, India's minister of petroleum and natural gas, separately made a point to criticize what he described as his “ideologically motivated colleagues” who sought an end to fossil fuel production.

“As we accelerate other green energy transition, we will still need affordable traditional energy at least for two decades, if not longer,” he said.

Politics was also close at hand at the summit on Monday. Whispers among the crowd attending the opening pondered who would be better for their businesses, Vice President Kamala Harris or former President Donald Trump.

Al-Mazrouei dodged the first question by a presenter over whether his country preferred Trump or Harris.

“Of course, we will be discussing energy politics here and I (would) rather not ... talk about the election in the United States,” al-Mazrouei said. “As a political contest, we wish both candidates the best.”

Later, ADNOC executive Musabbeh al-Kaabi said he worried that “escalating tensions and trade wars may have an impact on the energy transition going forward.” However, he declined to comment directly on the election.

The UAE maintains close ties to Russia despite Western sanctions over Moscow's war. An announcer told the crowd where to find Russian translation for the event, while one of the main partners of the summit was Lukoil, Russia’s largest non-state oil firm.

Meanwhile, the Mideast wars remain a top concern.

“I think the conflict in the Middle East is probably the top risk,” U.K.-based BP CEO Murray Auchincloss said. “We’re worried about the safety and security of our people and the security of energy flows.”

Tengku Muhammad Taufik President and CEO PETRONAS speaks on a panel, during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Murray Auchincloss CEO BP talks in a panel during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Musabbeh Al Kaaba Executive Director ADNOC talks at a panel during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Murray Auchincloss CEO BP, left, watches as Wael Sawan CEO Shell, speaks during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Claudio Descalzi CEO Eni talks at a panel during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Musabbeh Al Kaaba Executive Director ADNOC talks at a panel during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

From left to right, Moderator Becky Anderson, Murray Auchincloss CEO BP, Wael Sawan CEO Shell, Tengku Muhammad Taufik President and CEO PETRONAS , Musabbeh Al Kaaba Executive Director ADNOC and Claudio Descalzi CEO Eni, participate in a panel during the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

A delegate takes a selfie during the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Industry and Advanced Technology and Managing Director of state-run Abu Dhabi National Oil Co. (ADNOC) Sultan al-Jaber speaks during the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Moderator Hadley Gamble, left, looks on as UAE Minister of Energy and Infrastructure Suhail al-Mazrouei talks in a panel during the the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Delegates leave the hall after the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Energy and Infrastructure Suhail al-Mazrouei talks in a panel during the inaugural session of the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

India's Minister of Petroleum and Natural Gas Hardeep Singh Puri, center, talks in a panel as UAE Minister of Energy and Infrastructure Suhail al-Mazrouei, second left, Egypt's Minister of Petroleum and Mineral Resources of Egypt Karim Badawi, second right, and Uganda's Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu look on during the the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Energy and Infrastructure Suhail al-Mazrouei arrives on the stage to participate in a panel discussion during the the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

Egypt's Minister of Petroleum and Mineral Resources of Egypt Karim Badawi, left, talks in a panel as Uganda's Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu looks on during the the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Industry and Advanced Technology and Managing Director of state-run Abu Dhabi National Oil Co. (ADNOC) Sultan al-Jaber speaks during the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Industry and Advanced Technology and Managing Director of state-run Abu Dhabi National Oil Co. (ADNOC) Sultan al-Jaber speaks during the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Oil and Energy exhibition and conference in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Industry and Advanced Technology and Managing Director of state-run Abu Dhabi National Oil Co. (ADNOC) Sultan al-Jaber speaks during the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Oil and Energy exhibition and conference in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

UAE Minister of Industry and Advanced Technology and Managing Director of state-run Abu Dhabi National Oil Co. (ADNOC) Sultan al-Jaber speaks during the inaugural session of annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Oil and Energy exhibition and conference in Abu Dhabi, United Arab Emirates, Monday, Nov. 4, 2024. (AP Photo/Altaf Qadri)

New York at (3-13) at Philadelphia (13-3)

Sunday, 1 p.m., EST, CBS

BetMGM NFL Odds: Eagles by 3 1/2

Against the spread: New York 4-11-1; Philadelphia 10-6

Series record: Eagles lead 91-86-2

Last meeting: Saquon Barkley rushed for 176 yards to lead Philadelphia to a 28-3 victory in New York on Oct. 20.

Last week: Giants defeated the Colts 45-33. Eagles routed the Cowboys 41-7.

Giants offense: overall (29), rush (22), pass (27), scoring (31).

Giants defense: overall (24), rush (31), pass (10), scoring (23).

Eagles offense: overall (6), rush (1), pass (30), scoring (7).

Eagles defense: overall (1), rush (10), pass (1), scoring (T-6).

Turnover differential: Giants: minus-7; Eagles: plus-10.

Wide receiver Malik Nabers. The No. 6 overall pick has 104 catches for 1,140 yards and 6 touchdowns and is four receptions shy of topping Steve Smith’s franchise mark of 107 catches in a season, set in 2009.

QB Tanner McKee. The third-string quarterback could start with Jalen Hurts and backup Kenny Pickett sidelined by injuries. McKee threw two touchdown passes and put the finishing touches on a rout against Dallas.

If Barkley played, it would have been New York’s rushing defense vs. Barkley. The Giants are second from the bottom in the NFL by allowing an average of 141.6 rushing yards per game. In Barkley’s place, the Giants rushing defense will be contending with Kenneth Gainwell.

Giants: Defensive lineman Armon Watts (knee) was injured in the first half against the Colts last week and didn’t return. He underwent surgery and won’t play on Sunday, coach Brian Daboll said on Wednesday. C John Michael Schmitz (ankle) and LB Micah McFadden (neck) did not play against Indianapolis. Neither practiced on Wednesday. RT Evan Neal (rib/hip) also didn’t practice on Wednesday.

Eagles: QB Jalen Hurts (concussion) did not play last week and missed the final three quarters against Washington the week before after getting injured early against the Commanders. The Eagles held a walkthrough on Wednesday rather than a full practice, but Hurts would not have participated had it been a full practice. Either way, he likely will not play this week to heal up for the playoffs. TE Dallas Goedert (knee), out since Dec. 1 and LB Nakobe Dean (abdominal), who missed last week’s game against Dallas, would have been full participants on Wednesday if the Eagles held a full practice rather than a walkthrough. Many starters either didn’t participate on Wednesday because of rest and several others were limited participants.

The Eagles are NFC East champions for the second time in three seasons. The Giants finished last in the division for the second time in the past four. New York lost the inside track for the top pick in the draft by beating the Colts last week.

Giants QB Drew Lock passed for 309 yards and four touchdowns without an interception and ran for a 5-yard score in the win over the Colts that snapped a 10-game losing streak. … The victory over Indianapolis kept the Giants from becoming the first team to go 0-9 at home, but also knocked them out of control of the No. 1 overall pick in the upcoming draft. … New York had six plays of 30 or more yards against Indianapolis. … Ihmir Smith-Marsette returned a kickoff 100 yards for a score last Sunday. … WR Malik Nabers has 104 catches for 1,140 yards and 6 touchdowns and is four receptions shy of topping Steve Smith’s franchise mark of 107 catches in a season, set in 2009. ... Philadelphia is locked into the No. 2 seed in the NFC and will host either Washington or Green Bay on January 11, 12 or 13 in a wild-card game. If Washington loses Sunday to Dallas and Green Bay beats Chicago, the Commanders are headed to Philadelphia. If the Commanders win, the Packers are the No. 7 seed and play the Eagles. … Philadelphia needs 35 points to eclipse the club record of 477, set in 2022. … Brown joined Mike Quick (1983–85) as Eagles receivers to reach 1,000-plus receiving yards in three straight seasons last week. Brown stands at 1,079 yards and has surpassed 1,000 in each of the past three seasons. … Zack Baun has a career-high 150 tackles, which ranks third in the NFL. … C.J. Gardner-Johnson has four interceptions in the past four games.

For those still playing in fantasy leagues, Nabers could have another big game to close out his stellar rookie season.

AP NFL: https://apnews.com/hub/nfl

New York Giants quarterback Drew Lock (2) gets past Indianapolis Colts linebacker E.J. Speed (45) to score a touchdown on a 5-yard run in the second half of an NFL football game Sunday, Dec. 29, 2024, in East Rutherford, N.J. (AP Photo/Seth Wenig)

Philadelphia Eagles quarterback Tanner McKee (16) reacts after throwing a touchdown pass to wide receiver DeVonta Smith during the second half of an NFL football game against the Dallas Cowboys, Sunday, Dec. 29, 2024, in Philadelphia. (AP Photo/Matt Slocum)