Oil in decline – U.A.E. energy minister

 

© Sputnik / Maksim Bogodvid

Source: RT

Crude will not be around forever despite high global demand, the UAE’s energy minister warned

Oil will not be here forever and is already in “decline mode,” Suhail Al-Mazrouei, the energy minister of the United Arab Emirates, a major crude exporter, has said.

Speaking at the ADIPEC energy conference in Abu Dhabi on Thursday, Al-Mazrouei warned against “wishful thinking” of assuming that oil “is going to be there forever.”

“No matter how much we defend it, it’s in decline mode,” the official added.

The remark comes as OPEC released its ‘World Oil Outlook’ earlier this week, which forecasts global oil demand continuing to rise until 2045 due to a focus on energy security even as the world moves toward renewable energy.

The report noted that oil is expected to retain the largest share in the global energy mix, accounting for 29% over the forecast period, and that the industry will require $12.1 trillion in investment by 2045 to meet demand.

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Comment: Stewart Brennan (The Activist Poet) - As I have written throughout the years, including my 3 books where I say we've entered the time beyond peak to explain the insanity that has engulfed and drives our world today; is now being admitted by the gulf oil monarchies...