Oil demand to hold through to 2040, says Adnoc CEO

The head of Abu Dhabi National Oil Company said global oil demand will remain above 100 million barrels per day through to 2040, while demand for both liquefied natural gas and electricity will grow by 50 percent or more.

Adnoc CEO Sultan Ahmed Al Jaber told the India Energy Week conference on Tuesday that electricity demand will be driven by the need to power cooling systems as well as AI infrastructure and data centres.

“Demand at this scale and pace requires investment in all forms of energy,” Al Jaber said. “The biggest risk is not over supply, it is underinvestment.”

Adnoc counts India as its top market for LNG, and Al Jaber said the Abu Dhabi state firm is also expanding its gas portfolio to Asia and Africa.

This month India signed a $3 billion deal to buy LNG from the United Arab Emirates, making it the UAE’s top customer, as the leaders of both countries held talks to strengthen trade and defence ties.

The deal will see Adnoc Gas supply 0.5 million metric tons of LNG a year to India’s Hindustan Petroleum Corp for 10 years beginning in 2028.

UAE climate fund Alterra will also invest in India’s renewable energy sector, Al Jaber said.

Further reading:

• Emirates and India set $200bn bilateral trade target
• Whopping results from a tiddler of a trip to India
• Adnoc Gas strikes LNG deal with India’s HPCL