UAE: Enoc Conference Upbeat on Emerging Markets
|
|
|
|
Tuesday, 04 October 2011 |
Saeed Abdullah Khoory, CEO of the Emirates National Oil Company (Enoc), has sounded a note of optimism for peers in the Middle East as he opened the 19th Middle East Petroleum & Gas Conference in Dubai. Welcoming delegates, he said that increased ties between the region and developing markets in Asia will drive oil trading and demand, offsetting demand reduction from developed nations.
“For the next year, demand for petroleum products is expected to rise to 90.7 million barrels per day – which is an all time high. A large part of this strong demand will be driven by the non-OECD (Organisation of Economic Co-operation and Development) countries with Asian economies taking the lead followed by the Middle East,” said Khoory. “Our analysis of the market suggests that the global economic activity might continue to grow albeit at a very moderate rate. Policy makers will continue to take decisive measures to protect the fragile recovery,” he added. Khoory said that, thanks to massive investment in downstream and upstream assets, the middle east will remain in a leading position to meet demand.
|
