Oil Demand Expected to Return to Pre-Pandemic Levels by Q4 of 2022, UAE Industry Minister Says

DOHA (Sputnik) - Oil demand is expected to reach pre-pandemic levels by the fourth quarter of this year, UAE Minister of Industry and Advanced Technology Sultan bin Ahmad Sultan Al Jaber said on Monday.

"Long-term underinvestment in oil and gas has left markets more exposed to risks of any kind and wherever they take place. According to the IEA, annual investment in oil and gas is $200 billion below where it needs to be. And that is just to keep up with demand trough 2030. Near term, we are also seeing markets titan with demand up almost 3 million barrels over last year and expected to reach pre-pandemic levels by the fourth quarter of this year", the minister told the 2022 Global Energy Forum, as broadcast by Atlantic Council.

Commenting on the Arab country's plans, the official said that the UAE is working on increasing natural gas production capacity by 30% to expand its ability to increase LNG supplies.

The UAE will also increase oil production to more than 5 million barrels per day by 2030, he added.