The global energy industry needs annual investment of $4 trillion as the boom in data centers and artificial intelligence increases demand, according to Sultan Al Jaber, head of the biggest crude producer in the United Arab Emirates.
Long-term demand growth will outlast immediate concerns over an oil supply glut, Al Jaber, chief executive officer of Abu Dhabi National Oil Co., said at a conference in Abu Dhabi on Monday. Investors will need to develop the resources to drive the coming data boom, including revamping power grids, he said.
Oil producers like the UAE are boosting output capacity, even as most analysts warn of a coming glut in crude supply that will weigh further on prices next year. Brent crude is down nearly 13% so far this year. Geopolitical concerns that have delayed shipments and threatened supply disruptions have prevented prices from dropping further.
“Near-term uncertainty is real, while long-term demand remains strong,” Al Jaber said. “Our response to meet that demand should focus on data, not the drama.”
In a nod to the short-term weakness in markets, the OPEC+ producers group said on Sunday that it will pause production increases during the first quarter of next year after a modest increase this month and in December.
Oil demand is set to remain above 100 million barrels a day beyond 2040, requiring added investment, the CEO said.
The UAE aims to play a role in this energy investment push, with Al Jaber declaring that the country is “open for business” and that Adnoc’s international arm XRG is seeking more deals.
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