Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC, has projected that global oil demand will remain above 100 million barrels per day (bpd) beyond 2040, despite near-term challenges. Speaking at the ADIPEC energy conference, Al Jaber emphasized the persistent influence of geopolitics on trade and market sentiment, stating that volatility has become the new norm in the energy sector. The UAE, a key member of OPEC+, recently agreed to increase December output targets but will pause further increases in the first quarter of 2026 to address concerns of a potential supply glut. This decision comes amid new Western sanctions on Russia, another OPEC+ member, which could hinder Moscow’s ability to boost production. Al Jaber highlighted the importance of balancing cost discipline with capital investment to meet long-term energy demand growth. The UAE has been granted a larger production quota this year, reflecting its significant investments in expanding oil capacity to 4.85 million bpd from 3 million bpd. The country’s energy minister has also hinted at further capacity increases post-2027, potentially positioning the UAE among the world’s top five oil producers.
Adipec 2025: Oil demand to stay above 100 million bpd beyond 2040, says UAE minister
