Oil demand likely to peak in 2030, predicts expert

Oil demand likely to peak in 2030, predicts expert

Global demand for oil is likely to peak around 2030, as the world recovers from the impact of Covid-19, according to Musabbeh Al Kaabi, CEO of Petroleum and Resources at the UAE's Mubadala Investment Company.

 

In a wide ranging interview, conducted as part of the Adipec Energy Dialogue series, Al Kaabi shared his outlook on the recovery of oil and gas markets and the long term impact of demand post Covid-19 on energy supply and demand.

 

Al Kaabi said Covid-19 caused oil demand to drop by 30 per cent in March and April, from a peak of 100 million barrels per day at the end of 2019. However, demand has started to recover, he added, reaching levels seen in the 1990s and will rise further over the coming 12 months.

 

Reflecting on the