NEW YORK (Reuters) – Low-cost oil will be needed even as the world is in an energy transition, Sultan Ahmed Al Jaber, chief executive of Abu Dhabi National Oil Company (ADNOC) and minister of state for the United Arab Emirates, said on Tuesday at CERAWeek by IHS Markit.
“The world will still need oil and gas for many decades to come, no question about that,” he said. Oil demand will rebound led by recovery from the coronavirus pandemic in China and India, he said.
ADNOC has cut its operating costs by operating with more technological efficiency, he said.
(Reporting By Jessica Resnick-Ault; Editing by Marguerita Choy)