World oil demand to reach 118 million bpd by 2030

Updated: 2008-01-21 22:43

Abu Dhabi -- A senior energy official of the United Arab Emirates (UAE) said on Monday that the world's oil demand will reach 118 million barrels per day (bpd) by 2030, the official Emirates News Agency reported.

The forecast was made by the UAE Energy Minister Mohammed bin Dhaen Al Hamli in his keynote speech at the World Future Energy Summit 2008, which was held from Monday to Wednesday.

Hamli assured the audience that the world's oil resources are sufficient to meet the heavy forecast increases in demand for decades to come.

Estimates of ultimately recoverable reserves have practically been doubling since the early 1980s due to improved technology, successful exploration and enhanced recovery from existing fields, he said.

"On top of this, there is also a vast resource base of non-conventional oil to explore and develop", he added.

The minister also highlighted three pillars of sustainable development: economic growth, social development, and environmental protection.

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 said.

"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," he added.  

In 2007, the world's oil demand stood at 85.8 million barrels per day, according to the International Energy Agency.

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