World Oil Demand to Reach 118 Mmbpd by 2030: UAE Minister

A senior energy official of the United Arab Emirates (UAE) said on Monday that the world’s oil demand will reach 118 million barrels per day (bpd) by 2030, the official Emirates News Agency reported.

The forecast was made by the UAE Energy Minister Mohammed bin Dhaen Al Hamli in his keynote speech at the World Future Energy Summit 2008, which was held from Monday to Wednesday.
Hamli assured the audience that the world’s oil resources are sufficient to meet the heavy forecast increases in demand for decades to come.

Estimates of ultimately recoverable reserves have practically been doubling since the early 1980s due to improved technology, successful exploration and enhanced recovery from existing fields, he said.

“On top of this, there is also a vast resource base of non- conventional oil to explore and develop”, he added.

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