Al Jaber: Global economic growth drives demand for oil, derivatives

Abu Dhabi / WAM

Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said that the oil and gas industry stands on the threshold of a historic step change in the demand for its products, driven by growth in every major market.
Speaking at the opening keynote session, at a seminar titled, “Sustainable Global Energy Future” of the 7th OPEC International Seminar, in Vienna, Dr Al Jaber said that the demand for oil and its derivative products is growing and the future of the oil and gas industry is bright due to robust global economic growth.
“While we can never predict the future price of oil, the global economic outlook gives us reasons for optimism,” he said. “Every major economy is growing and this is reinforcing demand for every product we supply along the extended hydrocarbon value chain.”
Dr Al Jaber noted the positive role that OPEC and non-OPEC producers have played together to help rebalance the market and re-stabilise prices.
Dr Al Jaber said that ADNOC had learned the lessons from the recent past to re-imagine what a modern, progressive, integrated oil company should look like.
“We are embedding efficiency, commerciality and innovation into every aspect of our business.”
“We will leave no stone unturned when it comes to optimising costs and no avenue unexplored in the search for value creation,” Dr Al Jaber said.