Dr. Sultan Al-Jaber, the United Arab Emirates (UAE) Minister of State, said here on Monday that producers have to focus on efficiency, value creation and "commerciality" in order to stay profitable in an "era of unpredictable oil prices."

Addressing the opening of the four-day annual Abu Dhabi International Petroleum Conference (ADIPEC), Dr. Al-Jaber said as no one can predict the future oil price, "one factor that remains well within our control is the cost of every barrel we produce."

"We must reflect on how to make the most of our resources, enhance our performance and find new ways to be more competitive," he added.

Also as the Group CEO of government-controlled Abu Dhabi National Oil Company (ADNOC), which produces 3.1 million barrels of oil a day, Al-Jaber stressed sound, strategic, targeted investments are equally important to enable sustainable growth.

"Today's new energy landscape calls on us to break from old conventions and welcome new paradigms. By embracing the new energy era, we will thrive and shape our future," said the Emirati oil executive.

The UAE as a major oil supplier harbours around seven percent of the world's known oil reserves, of which 90 percent are located in Abu Dhabi.

The price of oil traded on early Monday exceeded 45 U.S. dollars per barrel, down from 110 dollars per barrel in June 2014, but up from below 27 dollars per barrel that the "black gold" has touched at the beginning of 2016.

"We will stretch the margin from every barrel we produce," said Dr Al-Jaber. And by taking advantage of the UAE's geography, "we will capitalize on the world's fastest growing markets, including Asia, where oil demand is expected to increase 15 percent and the market for petrochemicals is set to double by 2030."

Attendees at the ADIPEC said that despite the rebound of oil price, the environment remains "challenging."

Steve Suellentrop, President of Texas-based global oil and gas firm Hut Oil Company said he expected the oil price not to rise higher than 55 dollars per barrel on average in 2017.

Li Wencheng, Deputy Manager Offshore Department at Shanghai Zenhua Heavy Industries said "the reason we participate in this conference is to find more clients as the industry has certainly faced headwinds in the last two years."