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Wednesday 07 Oct 2015 - 13:48 Makkah mean time-24-12-1436
 Abu Dhabi, (IINA) - The United Arab Emirates Energy Minister Suhail Al-Mazrouei announced on Sunday that UAE will continue investing in energy-output boosting projects even after the plunge in oil prices in the past year, Bloomberg reported.
Brent crude has dropped by 48 percent during the last 12 months, which threatens losing $1.5 trillion from North American energy investments, according to Wood Mackenzie Ltd.
The UAE said that it plans to boost oil-production capacity to 3.5 million barrels a day by 2019, and according to data compiled by Bloomberg, it pumped 2.9 million barrels a day in September.
The Organization of Petroleum Exporting Countries (OPEC) led by Saudi Arabia has also increased output, signaling its readiness to let prices fall to a level that slows output from high-cost producers such as some U.S. shale companies.
In a related context, the UAE will spend $35 billion by 2021 to expand non-oil energy assets, including nuclear power and solar, Mazrouei said. The nation aims to reduce its reliance on natural gas for power, while still boosting imports of the fuel, he said.
AG/IINA
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