GCC countries are poised to invest a combined US$272 billion in energy through 2015, Majid Al Moneef, a member of the economic and energy committee of Saudi Arabia’s consultative assembly, said at a conference in Abu Dhabi on Monday, according to Bloomberg.
The investment will include $111 billion in upstream and downstream oil activities and $108 billion in natural gas and gas products, al-Moneef said at the industry event in the UAE capital.
World crude oil demand is expected to grow to 114.6 million barrels per day in 2030 according to the latest EIA estimates.
Total liquids production from OPEC countries are expected to increases from the 2007 level of 34.4 million barrels per day to 47 million barrels of liquids per day in 2035, of which 34.3 million barrels per day will originate in the Middle East.
