October 08, 2008

World oil demand to reach 118 million BPD by 2030

Mr Mohammed bin Dhaen Al Hamli energy minister of UAE, while addressing at World Future Energy Summit 2008, said that the world's oil demand will reach 118 million barrels per day by 2030.

Mr Hamli assured the audience that the world's oil resources are sufficient to meet the heavy forecast increases in demand for decades to come. He added that "On top of this, there is also a vast resource base of non conventional oil to explore and develop."

He said that it was critical that the world community makes sure that access to reliable, affordable, economically viable, socially acceptable and environmentally sound energy services are available to people who struggle daily to combat poverty. He added that "This will not only enhance their living standards, but also help them adapt better to the inevitable consequences of climate change. We should bear in mind that often those who have the least resources to combat climate change suffer the most."
According to the International Energy Agency, the world's oil demand stood at 85.8 million barrels per day in 2007.