The long-term demand for energy remains robust, however, there is a need to control costs and focus on capital efficiency, Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Abu Dhabi National Oil Company (ADNOC) Group CEO has said.
Speaking at the 40th Oil and Money Conference in London, Al Jaber began his remarks by addressing the impact of global economic trends on energy demand and outlined ADNOC’s response to the fast-evolving energy landscape.
“As we convene today, short term energy demand has continued to soften in response to current downside risks in the global economy. However, over the medium and long-term, the outlook remains positive, solid, and robust,” Al Jaber said.
He further added that by 2040, three times the amount of energy consumed by all of Europe will be added to global energy demand.
“In the face of current economic headwinds, we need to control costs, while staying focused on capital efficiency and targeted long-term investment,” he maintained.
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