ADNOC: The oil and gas sector is witnessing a positive change in the demand for its products

Media In – Vienna 20 June 2018 / WAM /
“The global oil and gas sector is on the verge of a new historical phase with an increase in the demand for its products driven by growth in all major economies,” said Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its group of companies.
This came in the opening speech delivered by His Excellency during a key session entitled “Sustainable Future of Global Energy” within the activities of the Seventh International Symposium of the Organization of Petroleum Exporting Countries (OPEC), which started today and ends tomorrow in the Austrian capital Vienna.
“Demand for oil, gas and their derivatives is growing,” he said, adding that “all indications are a promising future for the oil and gas industry thanks to strong growth in the global economy.” Despite the difficulty of forecasting oil prices in the future, “All the major economies in the world are experiencing continuous growth, which enhances the demand for all our products in all areas and phases of the hydrocarbon value chain.”
Al Jaber added that ADNOC has benefited from the experiences of the global oil and gas sector in the recent past to consolidate its position as an integrated and more sophisticated company focused on leadership and looking forward to the future.
“We are working to increase efficiency and increase the focus on commercial aspects in all areas and stages of our business by harnessing all efforts to reduce costs and maximize the value of each barrel we produce. As ADNOC continues its successful quest to raise its crude oil production capacity to 3.5 million Barrels per day, it remains committed to the quotas approved by OPEC, which aims to ensure a sustainable supply of oil and contribute to the stability of prices and achieve fair returns for capital investment.