Gulf News reported that the combined oil income of Gulf Cooperation Council countries is expected to reach USD 1 trillion by 2030 at current oil prices.

Dr Hesham Al Khateeb honorary vice chairman of the World Energy Council said that "The Gulf contains 40% of the world's proven oil reserves and 23% of its gas reserves."

He said that the region will continue to play a vital role in world energy security and will be the centre of political and security interest for major importing countries. Future Gulf income from energy exports is likely to meet budgetary requirements and generate handsome financial surpluses.

Mr Al Khateeb said that the global oil prices are estimated to rise on average by 3% per year until 2030. Oil in the international market is currently trading in the USD 75 per barrels to USD 78 per barrel range. The world is expected to reach its peak oil production level in 30 years.

He said that the challenge is to reduce the peak oil demand. Global oil consumption is expected to reach 120 million barrels per day before 2040. Currently 61% of the energy available gets wasted. We use only 39% of the energy available to us. He added that by increasing extraction efficiencies through the use of modern technology, the energy availability can be increased.

Mr Al Khateeb said that the world depends for more than 80% of its energy on fossil fuels. There is no alternative in the near term to fossil fuel. In 2050, oil will still remain an important energy source.

(Sourced from Gulfnews.com)