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Group CEO of the Abu Dhabi National Oil Company (ADNOC) on Monday forecast that oil demand will reach more than 105 million bpd within the next decade.
Dr. Sultan Bin Ahmed Al Jaber, who also serves as the Minister of Industry and Advanced Technology, also said today at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) that the petrochemicals sector should see healthy growth through 2050—and beyond.
According to OPEC’s most recent Monthly Oil Market Report, 2020 should see world oil demand at 90.3 million bpd.
The United Arab Emirates produced an average of 2.533 million barrels of oil per day in September, according to OPEC’s secondary sources. This is down from 3.204 million bpd in the first quarter of this year before the UAE brought its production lower as part of a concerted effort to rebalance the global oil markets.
About three-quarters of the country’s oil output is exported, with the majority of its oil making its way to Japan.
Dr. Al Jaber stressed the need for the oil and gas industry to balance caution with optimism and to keep the long-term in sight.
“For a start, we know the world will still need oil and gas when all of this is done. Even at the height of the lockdowns of March and April the world still consumed 75 million barrels of oil per day. In fact, by our estimates, oil demand fell below 90 million barrels of oil per day for only 12 weeks. So, we know the world still needs oil and gas. That is a fact,” Dr. Al Jaber said on Monday, as cited by Gulf Today.
Dr. Al Jaber had a less positive message as well, and that is that the months ahead will be challenging and that oil demand may fluctuate during those months.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.