Xinhua News Agency, Abu Dhabi, January 9 - On January 9, UAE Energy Minister Mohammed Hamli said that oil and natural gas will still be the preferred energy sources in the future, and that oil prices will continue to rise within the next ten years.
Speaking about the challenges facing oil and natural gas production, Hamli expressed that currently there are not only significant reserves of oil and natural gas in the Middle East region, but also in other parts of the world. He mentioned that many new discoveries in recent years have proven that there are also large underground oil and gas resources in West Africa and Brazil. Moreover, many marine areas have not been fully explored for oil and natural gas, and these places may contain very considerable resources.
Hamli stated during the "UAE Energy Forum" held in Abu Dhabi on the same day that in the coming years, despite the gradually decreasing proportion of fossil energy in global energy consumption, its share will still remain quite substantial. Hamli added that by 2035, the global daily demand for oil will still reach 110 million barrels, and oil prices will continue to climb over the next decade.
He said that according to the forecast of the Organization of Petroleum Exporting Countries (OPEC), from now until 2035, the global demand for energy will increase by 51%, and fossil fuels, which currently account for 87% of primary energy, will still account for 82% of the total at that time. Related thematic articles: Private Equity Training Courses, Foreign Media Outlook on Technological Advances in 2012, Private Fund Training, Can the "Patient" Europe Be Saved? Is There Still a Way Out for U.S. Debt Issues? Private Equity Investment, UAE Energy Minister Says Oil Prices Will Continue to Rise Over the Next Ten Years, Peking University Private Equity Training, Euro-Yen Exchange Rate Falls to 11-Year Low, PKU Private Equity Learning, Foreign Media Outlook on Technological Advances in 2012.