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Global oil demand to recover to pre-pandemic levels before 2022 - UAE Energy Minister

Global oil demand to recover to pre-pandemic levels before 2022 - UAE Energy Minister
UAE Minister of Energy and Infrastructure

UAE - Mubasher: Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure, expected recovery in global oil demand to pre-coronavirus (COVID-19) pandemic levels before 2022, according to S&P Global Platts.

At the Atlantic Council Global Energy Forum, held on 19-22 January, Al Mazrouei said that certain parts of the world are starting to go back to normal, with China and India witnessing good demand.

"I am hopeful, with the help of various governments and various approvals, that vaccinations will be faster," Al Mazrouei referred.

Meanwhile, the minister added that the global oil demand will jump to past pre-pandemic levels in the upcoming decades.

Recently, OPEC forecast that the global oil demand will record 109 million barrels per day by 2040, up from about 100 million b/d before the coronavirus (COVID-19) crisis.

Al Mazrouei remarked that the rise in global demand would be attributed to population growth, confirming that the UAE is investing in its production capacity to meet future supply needs.

In this regard, Abu Dhabi plans to invest $122 billion through 2025 to raise ADNOC's production capacity to 5 million b/d by 2030 from over 4 million b/d.

At the same time, ADNOC seeks to decrease the greenhouse-gas intensity of its oil and gas production by 25% by 2030.

"We are targeting to be the lowest cost producer and cleanest cost producer. That combination is what gives us confidence there will be future demand for our barrels. We will be ready, if there is a demand pickup, that we have those resources,"  the UAE Minister of Energy and Infrastructure said.

The minister confirmed that there was no conflict between ADNOC's growth plans and membership in OPEC.