ADNOC CEO: Oil demand will remain above 100 million barrels per day (bpd) through 2040

The head of the Abu Dhabi National Oil Company (ADNOC), said that 'global oil demand is expected to remain at or above 100 million barrels a day until 2040. Demand for both LNG and electricity are expected to grow 50% or more.

The Managing Director and Chief Executive Officer?Sultan Ahmed Al Jaber said at the India Energy Week Conference?on?Tuesday that the electricity demand would be driven by a need to power cooling systems, AI infrastructure and data centers.

Al Jaber said: "A demand at this scale and pace requires investments in all forms of energy." "The greatest risk is not an oversupply, but underinvestment."

Al Jaber, the Abu Dhabi state company's spokesperson, said that ADNOC is expanding its gas portfolio to Asia and Africa.

India has signed a deal worth $3 billion to purchase LNG from the United Arab Emirates. This makes India the UAE's largest customer.

ADNOC Gas will supply Hindustan Petroleum Corp with 0.5?million tons of LNG per year for 10 years, starting in 2028.

Al Jaber stated that the UAE climate fund ALTERRA would also invest in India’s renewable energy sector. (Reporting and writing by Sethuraman N.R.; editing by Tom Hogue, Christopher Cushing, and Emily Chow)

(source: Reuters)