The UAE said on Thursday it was committed to staying the course on its plan to be able to produce five million barrels per day by 2027.
The Ministry of Energy and Infrastructure re-established its commitment to the goal on Thursday, according to state news agency Wam.
The ministry said there is no change to its production capacity target, it added.
Suhail Al Mazrouei, Minister of Energy and Infrastructure, said the UAE will also be able to boost its oil production capacity to six million bpd after the 2027 target if markets require it, while at the Opec International Summit in Vienna.
“You can see that even with the increases for several months, we haven’t seen a major build-up in inventories, which means the market needed those barrels,” Mr Al Mazrouei said in Vienna on Wednesday.
Global oil demand is projected to expand by nearly 19 per cent to reach 123 million bpd by 2050, according to Opec's World Oil Outlook 2050 report released Thursday.
Overall energy demand is expected to increase by 23 per cent and reach 378 million barrels of oil equivalent in the same time period, it added.
Opec Secretary General Haitham Al Ghais said the increase will be driven by “expanding economic growth, rising populations, increasing urbanisation, new energy-intensive industries like artificial intelligence, and the need to bring energy to the billions without it”.
The US withdrawal from the Paris Climate Agreement is also expected to lead to higher demand for hydrocarbons.
However, the oil producers group anticipates oil demand to fall in the next four years on the back of Chinese demand concerns. The report expects China's oil demand to increase by less than 2 million bpd between 2024 and 2050.
Meanwhile, long-term demand in oil from countries not part of the Organisation for Economic Co-operation and Development is expected to increase by roughly 28 million bpd, while demand in OECD oil is projected to fall by 8.5 million bpd.
Combined demand in India, other Asia, the Middle East and Africa is projected to rise by 22.4 million bpd between 2024 and 2050, the report said. India is expected to add 8.2 million bpd alone during this time frame.
The report comes a week after Opec countries announced last week that it plans to increase production by 548,000 bpd for August after increasing output by 411,000 bpd in the previous three months.
US President Donald Trump's shifting tariff policy and the Israel-Iran conflict have led to a period of volatility in oil markets this year even as crude prices began the year on strong footing.
Brent, the benchmark for two thirds of the world’s oil, peaked at more than $82 a barrel on January 15 before declining to roughly $69 a barrel on Thursday.
Concerns of a global economic slowdown and sluggish growth in China – the world's largest importer of crude oil – have also weighed on prices.
