Oil markets need to extend the crude oil production cut deal to ensure market stability and reasonable prices, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry.

He noted that reaching an agreement by Opec and non-Opec countries toward this end is possible and is likely to reduce the current supply glut, reported Wam, the Emirates official news agency.

"International markets need to remove a current glut of 158 million barrels to ensure balance and spur investments in the sector,” he added in statements on the sidelines of the ministry's honouring of its strategic partners in Abu Dhabi.

The minister expressed his optimism about the market over the coming year, on the back of growing global demand, adding that the current commitment shown by oil-producing countries to reduce their production is unprecedented. He expressed hope for international oil producers to continue to cut their crude output during the next year.

The UAE has not ceased oil investments since the onset of the price fall, he said, affirming that the projects launched by the Abu Dhabi National Oil Company (Adnoc) have contributed to strengthening the performance of the local industrial sector through pumping new investments.

Al Mazrouei explained that the UAE Energy Plan 2050, which is planned to save up to Dh700 billion ($190 billion), envisages projects valued at Dh600 billion, a large number of which are up for grabs for the private sector. The plan adopts 50 per cent of the sources of power generation as green sources, he further explained.

He stressed that the national electricity and water sector will be a promising and potentially profitable one that will enable the country to export electricity to several neighbouring nations.

"The UAE's water strategy requires a long-term vision, because it affects every national and resident of the UAE, as we aspire to recycle and treat 95 per cent of wastewater."

Al Mazrouei noted that the UAE Vision 2021 has many objectives and the ministry is working to achieve them all as part of the ongoing sustainable development drive and in collaboration with all relevant national institutions concerned.