OPEC predicts oil and gas to supply global energy demand in 2040

  • Thursday 14, November 2019 06:02 PM
  • OPEC predicts oil and gas to supply global energy demand in 2040
Sharjah 24 – WAM: Oil and gas will continue to play a central role in achieving sustainable economic development and reducing ‘energy poverty’, Mohammad Sanusi Barkindo, Secretary-General of the Organisation of the Petroleum Exporting Countries, OPEC, has told industry leaders at the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC.
Presenting data from the 2019 OPEC World Oil Outlook, Barkindo said the organisation’s analysis predicted a 25 percent increase in total primary energy demand worldwide between 2018 and 2040, with oil and gas expected to meet most of this demand.

e said growth would be driven by rising demand in developing countries, where almost one billion people still lacked access to electricity and three billion had no access to clean fuels for cooking.

He said the proportion of demand coming from China, India and other emerging markets would continue to grow, particularly from Asia-Pacific markets. Demand from Non-OECD [Organisation for Economic Co-operation and Development] would increase by 21.4 mb/d (million barrels per day) by 2040, compared with 2018 figures, while the OECD was expected to reduce by 9.6 mb/d.

Total oil demand was expected to reach 110.6 million barrels, with an estimated US$10.6 trillion of investment needed across the upstream, midstream and downstream sectors.

However, he noted that it was important that growth be achieved within the context of reducing carbon emissions and new technologies must be developed to ensure the industry could contribute to economic growth, while also helping limit climate change.

The exhibition brings together over 2,200 international exhibiting companies across 160,000 gross square metres, with 23 country pavilions, attracting over 150,000 global attendees and 51 National and International Oil Companies.

The conference hosts over 980 strategic and technical speakers across more than 160 sessions, covering the full energy value chain and attracting over 10,400 delegates.

Held under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, hosted by the Abu Dhabi National Oil Company ,ADNOC, and supported by the UAE Ministry of Energy, the Abu Dhabi Chamber, and the Abu Dhabi Tourism and Culture Authority, ADIPEC has been taking place from 11th to 14th November, at the Abu Dhabi National Exhibition Centre, ADNEC.