Abu Dhabi hosts oil summit as OPEC+ halts production hikes planned for 2026

Source: ABC News/AP

November 2, 2025, 11:57 PM


ABU DHABI, United Arab Emirates -- Abu Dhabi opened a major oil summit Monday with officials offering bullish optimism that power demands for artificial intelligence and global aviation will boost energy prices, just hours after OPEC+ paused production increases planned for next year.

The comments at the annual Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital highlighted the contradictions in the market and in the United Arab Emirates, a major oil producer that hosted the United Nations COP28 climate talks in 2023.

Sultan al-Jaber, the head of the state-run Abu Dhabi National Oil Co. who led COP28, described the energy market as needing “reinforcement, not replacement.” U.S. Interior Secretary Doug Burgum applauded al-Jaber's remarks and criticized what he described as “a set of policies that have been driven by an ideology around climate extremism.”

“The demand for power is going to go up and up and up," Burgum said. "Today’s the day to announce that there is no energy transition. There is only energy addition.” On Sunday, OPEC+ met and decided to increase its production by an additional 137,000 barrels of oil beginning in December. However, it said other adjustments planned in January, February and March of next year would be paused “due to seasonality.”

Read more: https://abcnews.go.com/Business/wireStory/abu-dhabi-hosts-oil-summit-opec-halts-production-127122610