• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days What China is Learning from Russia's War in Ukraine and its Consequences
  • 18 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 4 hours Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 4 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 5 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 10 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
Oil Prices Under Pressure As China Considers Russian Crude

Oil Prices Under Pressure As China Considers Russian Crude

China added some downward pressure…

Biden Could Tap Diesel Reserve In A Bid To Ease Fuel Crunch

Biden Could Tap Diesel Reserve In A Bid To Ease Fuel Crunch

The U.S. Administration is considering…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

UAE Wealth Fund Sees Oil Demand Peaking In 2030

Global oil demand has another decade to grow until peaking in 2030, Mubadala Investment Company, one of the largest state wealth funds of the United Arab Emirates (UAE), believes. 

The coronavirus-inflicted disruption in global oil demand this year will continue into next year, Musabbeh Al Kaabi, chief executive of Petroleum and Resources at the UAE’s Mubadala Investment Company, said in an interview as part of the ADIPEC Energy Dialogue series on Monday. 

However, the investment firm of OPEC’s third-largest producer currently sees another decade in which oil demand will continue to grow, after recovering from the pandemic.  

“Predicting the oil market is very challenging. COVID-19 has created major disruption to demand and we expect to see the continuation of that disruption in 2021. But if you project the horizon to 2030, we will go back to an acceptable level of growth, potentially peaking in 2030,” Al Kaabi said. 

Global oil demand has recovered from the lows in the second quarter to levels last seen in the 1990s, but it will continue to rise in the next 12 months, according to the manager. 

While Big Oil faces major challenges with calls to contribute to the fight against climate change and pressure from investors over Environmental, Social, and Governance (ESG) investing, national oil companies – such as those in the Middle East – will have room to invest in the upstream sector, according to Al Kaabi.  

Mubadala’s view of global oil demand radically differs from BP’s new assumptions in its BP Energy Outlook 2020, which says that global oil demand may have already peaked last year as oil consumption may never recover to the pre-pandemic levels.  

U.S. oil and gas firm ConocoPhillips, however, believes that global oil demand will not only return to the pre-crisis levels of 100 million barrels per day, but it will also grow from there. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on September 28 2020 said:
    It seems fashionable nowadays for oil supermajors, investment banks and wealth Funds as well as analysts and experts to try to burnish their environmental credentials by talking about the approach of peak oil demand. UAE’s Wealth Fund, Mubadala Investment Company, which is claiming that oil demand will peak in 2030 is no exception.

    How could this be true when the global economy and civilization as we know and enjoy wouldn’t exist without oil and vice versa.

    With the global economy destined to continue growing to feed almost 8 bn people on earth, there could neither be a post-oil era nor a peak oil demand throughout the 21st century and probably far beyond. Global oil demand will have to continue growing to enable the global economy to grow also and feed the world’s growing population.

    The alternative is a return to pre-industrial age and the destruction of the world’s forests thus causing a disaster probably far bigger than the current climate change.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News