Despite the global decline in oil prices and the upcoming US presidential election, world politics remain uncertain. At the annual Oil & Gas Summit hosted by the United Arab Emirates on Monday, they pledged to increase energy production.

The UAE recently hosted the United Nations Climate Change Conference (COP28) last year. At the end of this conference, nearly 200 countries called for eliminating fossil fuels that contribute to global warming, marking the first time such a significant commitment was made at the conference.

The UAE still plans to increase its oil production to 5 million barrels per day in the coming years while pursuing cleaner energy domestically. Meanwhile, UAE officials avoided any questions related to the US election, maintaining close ties with Russia. Sudan Jaber, head of the Abu Dhabi National Oil Company (ADNOC) and also the leader of the Dubai COP28 conference, said:

"Allow me to explain that the United Arab Emirates will always choose cooperation over polarization, dialogue over division, and peace over provocation."

Crude oil prices have been low throughout this year. On Monday, oil prices continued to rise by over $1 due to OPEC's decision to delay its production increase plan by one month. The market is also gearing up for a one-week period including the US presidential election and the Federal Reserve's interest rate meeting.

Last Sunday, OPEC+ announced that the 2.2 million barrels per day production cut would be extended for another month. Due to falling prices and weak demand, the production cut has been postponed from October. The group is expected to increase production by 0.18 million barrels per day starting from December.

An analyst from ING Group mentioned in a report, "While the delay until January may not significantly alter the fundamentals, it could indeed force the market to reconsider OPEC's global strategy."

ING added that the delay contradicted the market's expectations for an increase in production as part of the OPEC+ agreement. The bank's analysts said, "This delayed supply increase suggests that the group may be more willing to support prices than many people think."

OPEC+ will gradually phase out the daily cut of 2.2 million barrels in the coming months, while an additional cut of 3.66 million barrels will continue until the end of 2025.

Last Thursday, US media cited two unnamed Israeli sources as saying that Israeli intelligence indicated Iran was preparing to attack Israel from Iraq within days.

At the summit on Monday, the UAE was also asked about the US presidential election, specifically which candidate, Vice President Harris or former President Trump, would be more favorable to their business.

UAE Minister of Energy and Infrastructure Suhail Al Mazrouei avoided the question, saying, "I don't discuss the US election. We wish both candidates the best of luck."