ABU DHABI: Global oil demand is expected to stay above 100 million barrels per day beyond 2040, according to Sultan Al Jaber, CEO of ADNOC, who also cautioned about short-term challenges ahead.
“Geopolitics continue to influence both trade and news flows. Complexity is constant, sentiment drives markets, and volatility has become the norm rather than the exception,” Al Jaber told delegates at the opening of the ADIPEC energy conference.
The United Arab Emirates is among eight OPEC+ members that agreed to raise output targets in December but delay further increases in the first quarter of next year, as the group moves cautiously amid concerns of an oversupplied market.
New Western sanctions on Russia—an OPEC+ member—have added complications to the alliance’s output strategy. The measures, imposed by the U.S. and Britain on key producers Rosneft and Lukoil, could hinder Moscow’s ability to expand production further.
Despite these challenges, Al Jaber said the long-term energy outlook remains strong, emphasizing the need to balance cost control with continued capital investment. “Although we may encounter headwinds in the near term, long-term projections point to rising demand for all forms of energy across all markets,” he noted.
OPEC+ granted the UAE a higher production quota earlier this year after Abu Dhabi argued that its output had been constrained despite significant investments to boost capacity from 3 million to 4.85 million barrels per day.
In July, the UAE’s energy minister signaled that the country could further expand its oil capacity after 2027 if global markets require it, positioning the UAE to become one of the world’s top five oil producers.
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