UAE official says low oil price new reality, but UAE committed to deliver projects

KUWAIT: Low oil prices are a new reality that all producers have to live with but this will not impact long-term energy development projects in the United Arab Emirates, which has a more resilient economy, a senior UAE oil official said on Tuesday.

"We made a commitment for mega projects and their developments ... at low oil price(s) they are still feasible, we are a long term (producer). Oil prices, this is a new reality we have to accept," Ali al-Jarwan, CEO of Abu Dhabi Marine Operating Company (ADMA-OPCP) told the Kuwait Energy Forum.