ABU DHABI — Energy demand worldwide will be met through hydrocarbon sources by 75.5 percent in spite of global energy mix which many countries are heading to in the coming 20 years, said Abbas Neqi, Secretary General of the Organization of Arab Petroleum Exporting Countries (Oapec) in a meeting of Arab and Latin American officials which was held in Abu Dhabi Wednesday at the sidelines of the World Future Energy Summit. “It is expected that oil and gas will form 51 percent of energy consumption by 2035 and that global demand will rise by 0.5 percent annually from the period 2011-2035. The demand in the Middle East and Africa on oil is expected to increase in the same period by 1.4 per cent and 1.6 per cent respectively and in Latin America by 0.9 per cent," said Al Neqi in the meeting which will result in the signing on a declaration of cooperation between Arab countries and Latin America. He added that demand on gas will increase by 1.6 percent in the Middle East and by 2.2 percent in Africa and Latin America. He expected that the international demand for gas will reach 1,648 billion cubic meters by 2035. “Gas production will increase from 3,284 billion cubic meters currently to 4.955 billion cubic meters in 2035," Al Neqi notedd, adding that the two blocs: Arab and Latin America will contribute by 27 percent of this increase. “International investment requirements in oil industries from 2011-2035 are estimated at $10.2 trillion and that the Middle East and Latina America will contribute by 10.5 per cent and 16.5 percent of the overall investments respectively." He said investments in gas will reach $8.67 trillion, the Middle East and Latin America's contribution will amount to $5.4 percent and 6.1 percent respectively. Arab crude oil reserves amounted to 714.4 billion barrels by end of 2012, consisting 48.2 per cent of the world reserves which stood at 1481.5 billion barrels while Latin America's crude oil reserves amounted to 326.6 billion barrels, forming 22 per cent of the world reserves, said “The production of crude oil in the Arab countries in 2012 reached 22.1 million barrels per day, 31.4 per cent of the world production which is 70.4 million barrels per day, to rank first among other oil producing blocs," he further said. On the other hand, he remarked, Latin America, took 10 per cent share of the world production as it produced 7.1 million barrels per day, ranking fifth amongst oil producing blocs. Al Neqi said that the contribution of the oil producing countries in the Arab world to the world production is “deemed moderate compared to their reserves. Al Neqi said “the local consumption of oil in the Arab world is 6.2 million barrels per day, 7 percent of the world consumption while Latin Americas consumption is estimated at 5.2 million barrels per day, 5.9 percent of world consumption." Local consumption constitutes only 28 percent of the overall production of oil in Arab world. – SG
