The economic growth of emerging and developing markets coupled with two billion additional energy consumers by 2050 and new non-combustible uses of oil will continue to drive demand for hydrocarbons, the chief executive of Saudi Aramco, the world’s biggest oil producer said.
“Oil will maintain its key role in the global energy mix for the foreseeable future, despite the increasing growth of renewables,” Amin Nasser said at the CERAWeek conference on Tuesday in Huston. “The growth of the world’s population requires the continuing development of several types of energy sources simultaneously.”
As the state-controlled oil and gas major prepares to sell a stake to investors in what could be potentially the world's the biggest listing ever, Mr Nasser dismissed misconceptions related to the future of oil, that say there is an impending peak in demand. Such notions contribute to a negative sentiment that does not encourage investment in hydrocarbons which is needed to meet future demand, he said. The market fundamentals, he noted, are healthy, despite fluctuations, and the global oil demand will continue to grow.
_____________
Read more:
Natural gas to account for 60 per cent of Middle East consumption by 2040, says BP
Saudi Arabia's gas hunt
_____________
Some energy market research reports have been bearish about the prospects of oil markets beyond the next 20 years as more environmentally friendly vehicles hit the roads across the globe, which could mean oil demand peaks by the 2030s, according to Bank of America and BP, which is not a good prospect for long-term institutional investors.
The energy scenario in 2040 will be the most diversified ever, with renewables becoming the fastest growing source, accounting for 40 per cent of the increase in primary energy, according to a BP a report, which estimated that the production of conventional oil - the region’s mainstay - will decline to 29 million barrels per day by 2040 from approximately 31.7 million bpd last year.
The resulting transition to sustainable energy will be lengthy and complex which alternative sources cannot adequately support, Mr Nasser said.
“It’s particularly encouraging to see expectations of stronger economic growth in the emerging and developing markets because that’s where most oil demand growth is expected to be,” Mr Nasser said. “We see huge potential in producing advanced materials for use in a wide range of high-growth industries like automotive, construction, and housing, as well as in our own industry.”
Tariq Qaqish, the managing director of asset management at Dubai-based financial services firm Menacorp, agrees with Aramco's chief executive on the current prospects of growth. However he said an impending global trade war may change market dynamics.
"He [the Aramco CEO] is right in terms of growth, and the recovery in emerging markets, with China being the biggest oil importer and still growing at a decent pace. But the situation may be clouded now if the trade war erupts following the possible US tariff moves," he said.
On Tuesday, US President Donald Trump reiterated his plan to slap double digit tariffs on steel and aluminum imports, warning the European Union it would get hit with a "big tax" for not treating the US well when it comes to trade. The IMF head Christine Lagarde on Wednesday said the economic impact of US import tariffs would be serious if other countries respond with their own barriers. There won't be any winners in a trade war, which could slow global growth and crimp commerce, she warned.
"Everybody is holding their breath at the moment as it will be back to the square one [in terms of economic growth story]. The demand and the growth prospects are there but it’s hard to predict right now," Mr Qaqish added.
The energy industry should remain focused at expanding exploration, offsetting declines in legacy fields, new and continued investment, and creating new game-changing technologies, Mr Nasser said. These are the four key areas where oil and gas industry must continue to invest to ensure that global oil demand continue to be met in the years ahead, he added.
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
The Boy and the Heron
Director: Hayao Miyazaki
Starring: Soma Santoki, Masaki Suda, Ko Shibasaki
Rating: 5/5
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh
Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh
Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar
Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
CREW
Director: Rajesh A Krishnan
Starring: Tabu, Kareena Kapoor Khan, Kriti Sanon
Rating: 3.5/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
SPEC SHEET
Processor: Apple M2, 8-core GPU, 10-core CPU, 16-core Neural Engine
Display: 13.3-inch Retina, 2560 x 1600, 227ppi, 500 nits, True Tone, wide colour
Memory: 8/16/24GB
Storage: 256/512GB / 1/2TB
I/O: Thunderbolt 3 (2), 3.5mm audio; Touch Bar with Touch ID
Connectivity: Wi-Fi 6, Bluetooth 5.0
Battery: 58.2Wh lithium-polymer, up to 20 hours
Camera: 720p FaceTime HD
Video: Support for HDR with Dolby Vision, HDR10, ProRes
Audio: Stereo speakers with HDR, wide stereo, Spatial Audio support, Dolby support
In the box: MacBook Pro, 67W power adapter, USB-C cable
Price: From Dh5,499
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant+& Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Aayan’s records
Youngest UAE men’s cricketer
When he debuted against Bangladesh aged 16 years and 314 days, he became the youngest ever to play for the men’s senior team. He broke the record set by his World Cup squad-mate, Alishan Sharafu, of 17 years and 44 days.
Youngest wicket-taker
After taking the wicket of Bangladesh’s Litton Das on debut in Dubai, Aayan became the youngest male cricketer to take a wicket against a Full Member nation in a T20 international.
Youngest in T20 World Cup history?
Aayan does not turn 17 until November 15 – which is two days after the T20 World Cup final at the MCG. If he does play in the competition, he will be its youngest ever player. Pakistan’s Mohammed Amir, who was 17 years and 55 days when he played in 2009, currently holds the record.