UAE Oil Min: OPEC Can Meet Any Surprise Oil Demand Hike

“Looking at the future outlook, projection of oil and gas developments clearly indicate that world energy needs will continue to rise, due to strong growth in the world economy, increasing world population and improvement in the standard of living in formerly deprived regions”, he said.

This is expected to result in higher world oil demand to around 90 million b/d in 2010 and further to 105 million b/d in 2020 from around 84 million b/d in 2005, the U.A.E. minister said.

This represents growth of 25% over the period 2005-2020, he added.

Al-Hamili said he expects both OPEC and non-OPEC producers to undertake capacity expansion programs to meet expected global demand, with non-OPEC supply expected to rise 11% to 57 million b/d by 2020 from 51 million b/d this year.
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