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, H.E. Dr Al Jaber said at the 7th OPEC International Seminar, in Vienna.
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.
“While we can never predict the future price of oil, the global economic outlook gives us reasons for optimism,” H.E. Dr Al Jaber said. “Every major economy is growing and this is reinforcing demand for every product we supply along the extended hydrocarbon value chain.”
In opening remarks before participating in a panel discussion with Energy Ministers and IOC CEOs, 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.
“This is a success story based on trust and collaboration that is worth commending and acknowledging. In fact, it proves, once again, that OPEC’s ability to apply a constructive influence over the market is as strong today as it has ever been,” he said.
During the opening keynote session, Dr Al Jaber said ADNOC had learned the lessons of 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,” H.E. Dr Al Jaber said, adding that while ADNOC is well on track to expand oil production to 3.5 million barrels a day, it would adhere to OPEC quotas that “ensure sustainable supplies, stable prices and a fair, commercial return.”
Highlighting ADNOC’s plans to invest $45bn to transform the Ruwais industrial complex into the largest integrated refining and petrochemicals site in the world, to maximise the value of the company’s downstream potential, H.E. Dr Al Jaber said that ADNOC is “more than ready to collaborate with like-minded, progressive and forward thinking partners to capitalise together on the massive potential of our time.”