Oil demand to rise over 10mbpd by 2040: Jaber
Dr Sultan bin Ahmad Sultan Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (Adnoc), on Tuesday participated in the Future Investment Initiative Conference in Riyadh.
During the opening day of the conference, Al Jaber participated in a panel discussion – titled In Conversation: Energy & Investment – where he was joined by Khalid Al Falih, Minister of Energy, Industry and Mineral Resources for Saudi Arabia, and Patrick Pouyanné, CEO of Total, to discuss the short-, medium- and long-term outlook for the oil and gas industry, as well as how energy companies are transforming in order to meet the demands of the new economy.
Al Jaber said: “The global oil industry is about to break the historic milestone of consuming more than 100 million barrels of oil per day. And by 2040, we forecast that global consumption will climb by another 10 million per day, demonstrating that demand for hydrocarbons continues to gain strength amidst major market expansions and a rising global GDP.”
As demand for petrochemicals rise by an approximate 60 per cent over the next two decades, Al Jaber said, “we expect the petrochemicals sector to become the single-largest driver of oil demand growth by 2050.
“The era of oil and gas is far from over,” Dr Al Jaber said. “In fact, market trends point to robust growth in all segments. Not only is petrochemical growth quickly becoming the biggest driver of oil demand, but we expect the market for natural gas to grow 40 per cent by 2040. This expanding global energy map holds ample opportunity for energy companies that are willing to adapt and transform.
“At Adnoc, we are seizing opportunities for smart growth. Over the past two years, the company has reduced its operating expenditure significantly. We are deploying our capital more efficiently, and leveraging the capital and debt markets – where and when it makes sense. At the same time, we constantly seek innovative, commercial, financially savvy strategic investors and value-add partnerships to enable our ambitious smart growth plans – partners that bring technology, know-how and market access.”
Source: Khaleej Times