• Al Jaber reportedly said the UAE is set to play a key role in this energy investment push, before adding that the country is“open for business”.
• “Near-term uncertainty is real, while long-term demand remains strong.” - Al Jaber.
• Oil demand is set to remain above 100 million barrels per day beyond 2040, requiring added investment, the CEO reportedly said.

The global energy industry needs to invest $4 trillion annually to meet the surge in demand from data centers and artificial intelligence, Sultan Al Jaber, the chief executive of the UAE's biggest oil and gas company, reportedly said.

Long-term demand growth will outlast immediate concerns over an oil supply glut, Al Jaber, the CEO of Abu Dhabi National Oil Co (ADNOC), added at a conference in Abu Dhabi on Monday, according to a Bloomberg News report. Investors will need to take several steps to drive the coming data boom, including revamping power grids, he reportedly said.

Banking On AI

According to the International Energy Agency's projections, global data center power demand is expected to more than double to approximately 945 terawatt-hours (TWh) by 2030, growing at a rapid rate of 15% per year. In the United States, data centres will reportedly be responsible for nearly half of electricity demand growth.

Al Jaber reportedly said the UAE is set to play a key role in this energy investment push, adding that the country is“open for business” and that Adnoc's international arm, XRG, is seeking more deals.

Retail sentiment on Stocktwits about oilfield services firm Baker Hughes was in the 'neutral' territory, while traders were 'bearish' about Halliburton and SLB.

“Near-term uncertainty is real, while long-term demand remains strong,” Al Jaber reportedly said.“Our response to meet that dend should focus on data, not the drama.”

Brent crude had slumped to around $60 per barrel last month, as the rapid unwinding of OPEC+ supply cuts amid trade uncertainties raised investor concerns. However, on Sunday, OPEC+ said it will not increase output between January and March.

Oil demand is set to remain above 100 million barrels per day beyond 2040, requiring added investment, the CEO said.

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