Group CEO of the Abu Dhabi National Oil Company (ADNOC) on Monday forecast that oil demand will reach more than 105 million bpd within the next decade. Dr. Sultan Bin Ahmed Al Jaber, who also serves as the Minister of Industry and Advanced Technology, also said today at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) that the petrochemicals sector should see healthy growth through 2050—and beyond. According to OPEC’s most recent Monthly Oil Market Report, 2020 should see world oil demand at 90.3 million bpd. The United Arab Emirates produced an average of 2.533 million barrels of oil per day in September, according to OPEC’s secondary sources. This is down from 3.204 million bpd in the first quarter of this year before the UAE brought its production lower as part of a concerted effort to rebalance the global oil markets. About three-quarters of the country’s oil output is […]