Oil remains top source of energy
Abu Dhabi : Oil will continue to be the prime source of energy for another century, experts said. And with the Middle East holding 80 per cent of global oil reserves, the region will continue to exert major influence as the world scrambles to meet growing energy demands.
The consensus was clear among speakers at this week's Energy Security in the Gulf conference hosted by the Emirates Centre for Strategic Studies and Research.
Jose Maria Botelho de Vascon-celos, President of the Organisation of Petroleum Exporting Countries (Opec), said contrary to views that carbon fuels may give way to greener technologies, more oil will be needed to meet world demand in future. Opec can see global oil production rising by 20 million barrels per day from 85.6 mb/d in 2008 to 105.6 mb/d in 2030, de Vasconcelos said, adding that "energy security must be universal".
Rich reserves
Dr Hesham Khatib, Honorary Vice-Chairman, World Energy Council, said: "Oil will be the main source and the first fuel until the end of the century." He said there are still rich reserve oil deposits that will supply the world's energy sector for decades. Eighty per cent of world energy demands are now being met by oil.
Dr Mohammad Al Sahlawi, Professor of Energy Economics at King Fahd University in Saudi Arabia, said Middle East oil reserves will keep the world's lights on for decades. "The expiration of this reserve is about 80 years."
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