Jaber, UAE's Jaber, says that oil demand will remain above 100 million barrels per day (bpd) beyond 2040.

Sultan Al Jaber said that oil demand would remain at 100 million barrels a day or more beyond 2040. He also warned of headwinds for the near future.

"Geopolitics continues to shape news and trade flows. The complexity is constant. Market sentiment is what moves the markets. Volatility, to my mind, is no more a variable. "It is the norm," said he to industry leaders at ADIPEC's opening energy conference.

The United Arab Emirates are one of eight OPEC+ nations that have agreed to raise December output targets, but pause the increases in the first three months of next year. This is because the producers' group has moderated plans to regain the market share as a result of rising fears about a glut of supply.

The new sanctions imposed by the U.S., Britain and other Western countries on Russia's top oil producers Rosneft & Lukoil may make it difficult for Moscow to increase its output.

Al Jaber, however, said that long-term forecasts show growth in energy consumption, adding that capital investment must be balanced against cost discipline.

He said that while we might face headwinds over the next few months, the long-term forecast shows growth in demand for all forms of energy on every market.

OPEC+ granted the UAE a larger production quota for this year. The country claimed that the producer group restricted its output excessively, despite the fact that it had heavily invested to increase capacity from 3 million barrels to 4,85 million barrels a day.

The UAE's energy minister stated in July that the country can increase its oil production after 2027, if the market demands it. This implies that the country has the potential to be one of the five largest producers on the planet. (Reporting and editing by Maha El-Dahan, Yousef Saba, and Jana Choukeir, with Tom Hogue, Thomas Derpinghaus, and Tom Hogue)

(source: Reuters)