CEO of Petroleum and Resources at the UAE’s Mubadala Investment Company, Musabbeh Al Kaabi, predicted that global oil demand is likely to peak in 2030 when the world recovers from the impact of coronavirus.
After the 30% slump in March and April, demand has begun to recover close to the 1990s levels. Al Kaabi predicted it would increase further in the next months.
Al Kaabi added that the post-coronavirus war would be totally different with fewer people travelling and lower activity in a number of sectors of the economy. Some sector, most notably jet fuel, would need more time to fully recover compared to others.
“In 2030, we will go back to an acceptable level of growth, potentially peaking,” said Al Kaabi.
Going forward, he foresaw that the disruption of supply would occur, driven by climate change pressures, concerns over the environmental, social and governance (ESG) and government policies are impacting the investment decisions by big international oil companies.
Al Kaabi opined that national and international oil companies should learn from history and be more proactive in dealing with the decarbonisation of their operations.
