UAE - Mubasher: The oil demand may fluctuate in the upcoming months, but the long-term fundamentals of the oil and gas sector remain strong, the UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, Sultan Ahmed Al Jaber, said on Monday.
This announcement was made during the opening speech of the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), virtually held on 9-11 November 2020, according to a press release on Monday.
Al Jaber confirmed that the oil and gas industry can play a key role in driving economic development in the post-coronavirus (COVID-19) recovery by ensuring a steady supply of energy to promote growth.
Hence, the minister has urged the industry to unite in achieving the recovery.
Al Jaber noted: "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."
Al Jaber added that oil demand is expected to grow to more than 105 million barrels per day (bpd) by 2030 and continue to supply over half the world’s energy needs.
"At the same time, the petrochemicals sector will continue to grow at a healthy pace through and beyond 2050, in line with a steadily expanding global middle class. These are long-term positive trends and they highlight the central role that our industry can and should play in a post-Covid recovery,” Al Jaber remarked.
