Global oil consumption about to top 100 million barrels per day: UAE official

October 25, 2018 Off By Web Desk

UAE Minister of State and CEO of the Abu Dhabi National Oil Company (ADNOC) Dr. Sultan bin Ahmad Sultan Al Jaber said that global oil industry is about to break the historic milestone of consuming more than 100 million barrels of oil a day, which indicates an unprecedented growth.

During his participation in the second annual Future Investment Initiative (FII) Conference, currently being held in the Saudi capital Riyadh, Al Jaber added that by 2040, the global oil consumption is expected to climb by another 10 million barrels a day, demonstrating that demand for hydrocarbons continues to gain strength amidst major market expansions and a rising global gross domestic product (GDP).

As demand for petrochemicals rises by an approximate 60 percent over the next two decades, he 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,” he continued, adding, “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 percent by 2040. This expanding global energy map holds ample opportunity for energy companies that are willing to adapt and transform.”

The UAE official said his country has taken great strides in ensuring a more balanced and resilient economy.

“Looking ahead, in line with the UAE’s 2071 Centennial Plan, the UAE is focused on ensuring the next generation has the knowledge, tools and skills to compete in the 21st-century economy,” he said, pointing out that ADNOC Group will continue in its role to facilitate and accelerate the economic diversification into knowledge-based sectors.

He went on to say that Saudi Arabia, as the largest oil producer in the world, is taking steps that would ensure its long-term sustainable economic development and prosperity. “Most importantly, Saudi Arabia’s economic transformation will have far-reaching benefits, not only for the Kingdom but for our region and for the entire world,” he stressed.

Al Jaber underlined that over the course of the FII Conference, more than 3,000 global leaders discussed long-term investment and global trends across a broad range of topics at the three-day event.

Source: International Islamic News Agency