$11tn global oil investment needed between 2018 and 2040

Between 2018 and 2040, the required investment in oil production would reach at least $11tn as the expected demand for oil will continue to increase to reach a peak of 113mn bpd by 2040, according to HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada.
Al-Sada made the statement during his address at the first ministerial session titled ‘Changes in Oil and Natural Gas Markets and their Implications for Arab Oil Exporting Countries’, which is part of the ‘11th Arab Energy Conference’ being held in Marrakesh, Morocco from October 1 to 4 where a Qatari delegation led by al-Sada is participating.
The conference, which is carrying the theme ‘Energy and Arab Cooperation’, will discuss the current and future developments in the oil and natural gas markets, their impact on the Arab energy sector, energy security as a global partnership, and the investments needed to develop the energy sector in Arab countries.
It will also discuss topics related to Arab and international energy sources, subsequent petroleum industries in Arab countries and the world, Arab co-operation in the field of electric power, and energy demand management in Arab countries, as well as energy, environment and sustainable development issues.
Al-Sada participated in the opening session of the conference titled ‘The Visions of the Arab Countries on the Energy Strategy’, in which he talked about the vision of Qatar’s energy strategy derived from the Qatar National Vision 2030.
He said the national vision is able to achieve sustainable development and to provide high standards of living for its people for generations to come. He said the final result of Qatar’s national vision for the energy sector is the optimal utilisation of natural resources and to overcome the challenges of development.
Among the challenges to be addressed in the energy sector is the expansion of the use and development of renewable energy and complementary to major energy sources such as oil and gas, al-Sada said.

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