US interests in region high because of oil

(MENAFN- Khaleej Times) The United States interests in the region will remain very high partly because of oil and broadly strategic concerns with the countries in the Middle East, a top government official said.



Speaking to reporters at the US Embassy in the capital, US secretary of energy Dr Ernest Moniz, who is visiting the capital to attend the World Future Energy Summit, said that the Shale gas boom in the United States has been remarkable, as the output soared dramatically



"The growth of crude oil continues to increase and has reached three million barrels per day and the domestic crude oil production three months ago has exceeded the imports for the first time in 20-years," he said. Dr Moniz said the US Energy Information Agency (EIA) was projecting that largely because of increasing Shale gas production, the US will reach at least nearly 10 million barrels per day output in 2016-17



Also, the EIA was projecting that the total production of liquid fuels and biofuels including Shale gas output in the US will approach 14 million barrels a day in five years, he said. The energy secretary said that the UAE is very important partner of the United States in many ways from security to energy. He lauded the UAE success in the area of clean energy, which have made it a global leader in the field



Asked what message he has brought to the UAE leadership, he said the United States values it relationship with the UAE. "We have common interests in the performance of the oil markets. The UAE is an important player in maintaining the kind of stability that we all need and of course in US situation our reversing decline in oil makes us even stronger partner, going forward we can return to clean energy.



About the impact of shale gas on the US imports, he said that the United States has never been a significant importer of natural gas except for one time, when its imports from Canada exceeded 15 per cent



"The output from Shale gas will be used to displacing coal in electricity generation. It has not changed the equation in terms of imports," he said. He said the United States will begin to see the exports of LNG to the countries with which it does not have Free Trade Agreements including Japan, India and Spain



To a question, he said the EIA projections do not eliminate decline in oil imports. "We are number two importer, after china," he said. "The United States will remain part of the oil market, as it was the biggest exporter of petroleum products.



Dr Moniz appreciated the role of the World Future Energy Conference in creating "awareness for emerging economies and developing world about the importance of looking at the sustainable energy future for economic growth and sustainability"



"The biggest event brings over 30,000 officials and industry leaders to the Abu Dhabi capital," he said. The United States has been investing heavily in the development of clean energy technologies and has spent $32.5 billion in the research and development