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01 December 2023

Saleh Al Sharqi attends preparatory event for 11th Energy Markets Forum


Sjeikh Saleh bin Mohammed bin Hamad Al Sharqi, Chairman of Fujairah Port Authority, attended today the preparatory day for the 11th Energy Markets Forum (EMFWEEK23) in Fujairah in Novotel Hotel.

The two-day energy event is being held by Fujairah Port under the theme "Navigating the Age of Energy Security: Opportunities & Challenges".

In his keynote address, OPEC's Secretary-General Haitham Al Ghais said global oil demand is expected to increase by 15 percent to 116 mb/d in 2045. This represents an increase of 6 mb/d than what OPEC forecast 12 months ago.

‘’Global primary energy demand is set to increase from around 291 million barrels of oil equivalent per day (mboe/d) in 2022 to close to 359 mboe/d in 2045, an increase of 68.3 mboe/d, or 23 percent over the outlook period. Growth is expected to slow gradually from the relatively high short-term rates to more modest long-term increments, in line with moderating population and economic growth.''

He added that the oil sector needs around US$14 trillion (about $610 billion on average annually) by 2045.

The annual gathering in Fujairah will convene 300 senior executives, regulators and policymakers tasked with leading the Middle East's trading, storage, marketing and shipping of oil and gas across the East of Suez markets, to exchange knowledge and insights on relevant and timely trends impacting their industry.

The two-day annual gathering theme this year will be focused on exploring what impact energy security policies will have on the international energy markets in the East of Suez from the Middle East to Asia in 2024 as countries prioritise access to secure energy supplies.