Global oil demand will continue to grow in the coming decades and remain above 100 million barrels per day (bpd) in 2040 and beyond, ADNOC’s Upstream CEO Musabbeh Al Kaabi told Bloomberg on Wednesday.
Aviation, petrochemicals, and industries including AI and data centers will drive global oil and total energy demand higher in the next decades, according to the executive of the national oil company of the United Arab Emirates (UAE), one of OPEC’s top producers.
ADNOC is well positioned to help meet the growing oil demand with its low-cost and low-emission barrels, Al Kaabi told Bloomberg.
Abu Dhabi’s national oil company also has an ambition to become the most AI-enabled energy firm globally, he added.
The UAE currently has a production capacity of 4.85 million bpd, which it targets to raise to 5 million bpd by 2027, Al Kaabi noted.
The giant Upper Zakum oilfield could achieve its 2030 target to boost production capacity to 1.5 million bpd from 1 million bpd earlier than planned, Darren Woods, chief executive of co-venturer ExxonMobil, said earlier this week.
With power demand surging, 1.5 billion people expected to move to cities by 2040, and a surge in air travel, “renewables will more than double by 2040; LNG will grow by 50 percent; jet fuel will increase more than 30 percent and oil will stay above 100 million barrels per day beyond 2040, increasingly used not just for mobility, but more and more for materials,” ADNOC chief executive Sultan Al Jaber said earlier this week.
“Our response to meet that demand should focus on the data, not the drama,” said Al Jaber, who is also the UAE Minister of Industry and Advanced Technology.
Al Jaber noted that “you can’t run tomorrow’s economy on yesterday’s grid” as he said the world needs $4 trillion in annual capital investment in grids, data centers, and all sources of energy.
By Tsvetana Paraskova for Oilprice.com
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