Abu Dhabi, World oil demand is set to rise to 118 million barrels a day by 2030, according to UAE Energy Minister Mohammed bin Dhaen Al Hamli, WAM news agency reported Monday.

In a keynote speech at the World Future Energy Summit 2008 (WFES), which started here Monday, Al Hamli said that the world's oil resources are sufficient to meet the forecasted heavy increase in demand for decades to come.

Estimates of ultimately recoverable reserves, he said, have practically been doubling since the early 1980s due to improved technology, successful exploration and enhanced recovery from existing fields.

"On top of this, there is also a vast resource base of non-conventional oil to explore and develop", he said.

Hamli stressed the importance of sustainable development and called for efforts to ensure affordable and sustainable energy for the world's poor.

"The decisions we make need to take into account the three pillars of sustainable development: economic growth, social development, and environment protection," he said.

Hamli said that energy deficiency entrenches poverty by limiting access to health services, education and economic opportunity.

"We should bear in mind that often those who have the least resources to combat climate change suffer the most", he added.

EMAIL THIS NEWS COMMENTS No comments yet