Oil imports from China and India falling: UAE

Dubai: There is evidence of falling oil imports from China and India, though it will take time to judge whether this is due to seasonal factors or a structural reason, a leading UAE official has said. However, Ali Obaid Al-Yabhouni — UAE OPEC Governor and the General Manager of ADNATCO and NGSCO, the shipping arms of Abu Dhabi National Oil Company (ADNOC) — said the oil market will not be affected by the latest chapter in the global economic crisis.

"After several years in which attention was focused on supply, it is now evident that we need to keep a close eye on demand, despite the fact that emerging economies have accounted for the bulk of the oil market`s demand growth over the last few years, notably China and India," Yabhouni said while addressing the Middle Petroleum and Gas Conference (MPGC) 2011 in Dubai on Tuesday.According to him, these are not risks that have any major policy implication for countries such as the UAE, which are in for the long haul and are able to withstand the ups and downs of the global oil market.

"We continue to invest heavily across the hydrocarbon value chain. Our aim is not to produce a few extra barrels over the coming months, but to endow ourselves with the capability to continue exporting oil and gas at stable rates into the next decades, for the benefit of future generations," Yabhouni said.He stressed on the UAE`s export capability, "because many of the massive investments in our domestic energy industry, such as those in renewables and nuclear power plants, are aimed at freeing up more hydrocarbons for export to consuming nations, while, at the same time, allowing us to reduce our carbon footprint."