Earlier this year, Adnoc announced an ambitious $45bn spending plan to turn its Ruwais refinery into an integrated refining and petrochemicals hub.Īdnoc and other regional producers now see petrochemicals as the source of the greatest revenue growth over the coming two decades, with demand expected to grow 150 per cent by 2040. The desire to lock in long-term demand is attractive to regional producers, which are negotiating and investing heavily in long-term agreements with international oil companies to form partnerships to operate onshore and offshore oil field concessions.Ību Dhabi National Oil Company (Adnoc) is one of several Middle East oil producers seeking to expand their position in the global refining and petrochemicals sphere. The objective was to examine the regional oil industry’s response to the changes taking place in global energy and to generate insights that will inform strategies to help the region prepare for life after peak oil.Īsia’s rapidly rising oil consumption has not gone unnoticed by the Middle East’s national oil companies, which are keen to build new refineries in joint ventures with Asian partners. The inaugural Mashreq Energy Club, organised with MEED, brought together senior oil industry stakeholders from across the GCC to examine the challenges facing the energy sector. A key factor in future oil demand will be rising petrochemicals production, something that the national oil companies of the Gulf are targeting.
Most agree that future growth in demand for oil will be driven by regions outside the Organisation for Economic Cooperation and Development, which Opec says will see an increase in demand of about 23 million b/d by 2040. Others predict that peak demand for oil will come sooner, even as early as 2023, according to the International Energy Agency’s most aggressive scenario, which says peak demand could be 104.9 million b/d. In its latest World Oil Outlook report, published in September, oil producers group Opec forecasts that global demand for oil will rise to 111.7 million barrels a day (b/d) in 2040, from 99 million b/d today. When peak demand arrives will be driven by efficiency changes.” Watch highlights from the MEED Mashreq Energy Club held in September “ looks robust to 2040, but introduce some changes, such as improved internal combustion engine efficiency, and you have a very different picture.
“Forecasting demand is notoriously difficult,” said one delegate to the MEED Mashreq Energy Club held in September in Abu Dhabi. There is a growing consensus among international oil companies and global energy analysts that peak demand for oil will come sooner than previously predicted.ĭriven by factors including the increased use of renewable energy, and greater energy efficiency enabled by new technology and electrification, the impending arrival of peak demand for oil is widely agreed, though when it will arrive remains a source of intense debate.
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