World oil demand set to rise from the 2005 level of 83 mb/d to 118 mb/d by 2030: Al Hameli

World oil demand is set to rise from the 2005 level of 83 mb/d to 118 mb/d by 2030, a clear 42% increase over 25 years, UAE Energy Minister Mohammed bin Dhaen Al Hameli has said.

In a keynote speech at the World Future Energy Summit 2008 (WFES), which kicked off here today, Al Hameli added that the world's oil resources are sufficient to meet the heavy forecast increases in demand for decades to come. Estimates of ultimately recoverable reserves, he said, have practically been doubling since the early 1980s due to improved technology, successful exploration and enhanced recovery from existing fields.

"On top of this, there is also a vast resource base of non-conventional oil to explore and develop", he said.

Al Hameli told the conference that WFES was being held at a critical stage in mankind's development. "As human beings it is only natural to want to enhance the quality of our lives and also make the world a better place. In pursuing these lofty objectives, it is essential that we focus on what can be done in a sustainable manner. The decisions we make need to take into account the three pillars of sustainable development: economic growth, social development, and environmental protection." he said.

“These pillars, he added, are particularly significant for the more than two billion poor people living in developing countries who do not have access to modem energy services. This energy deficiency entrenches poverty by limiting access to health services, education, economic opportunity, and information, and given that many billions still rely on traditional biomass, it can also erode environmental sustainability at the local, regional, and global levels.”

The UAE official said it was critical that the world community makes sure access to reliable, affordable, economically viable, socially acceptable and environmentally sound energy services are available to people who struggle daily to combat the worst pollutant of all: poverty.

"This will not only enhance their living standards, but also help them adapt better to the inevitable consequences of climate change. We should bear in mind that often those who have the least resources to combat climate change suffer the most", he said.

- Emirates News Agency, WAM