The global oil industry is about to break the historic milestone of consuming more than 100 million barrels of oil per day, according to Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC).
Speaking at the annual Future Investment Initiative Conference in Riyadh, Saudi Arabia, he predicted that by 2040, global consumption will climb by another 10 million per day.
During the opening day of the conference, Al Jaber participated in a panel discussion with Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, and Patrick Pouyanne, CEO of Total.
As demand for petrochemicals rise by an approximate 60 percent 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. 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."
He added: "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."
Al Jaber went on to say: "Saudi Arabia, as the largest oil producer in the world, is taking steps that will ensure its long-term sustainable economic development and prosperity. It is ambitious, bold and achievable. 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."For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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