Energy markets to remain key to shaping global economies: Al-Sada

HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada has said energy markets will continue to play a vital role in shaping the global economy.Currently, fossil fuels provide more than 81% of the world’s energy needs, and demand for energy sources is projected to increase by 25% by 2035, al-Sada, who headed the Qatari delegation to the Third GCC Petroleum Media Forum in Abu Dhabi, said, while taking part at a ministerial session on the “Role of the Media and the Future of Energy Markets.” At the conclusion of the forum, Qatar accepted the invitation to host the Fourth Energy Information Forum in Doha in 2019.Speaking at the session, al-Sada said the total number of fossil fuel-powered cars are expected to reach 2bn by 2035, noting that despite the launch of electric cars and a large number of non-conventional fuels-powered vehicles hitting the road, nearly 90% of the world’s total number of cars will continue to run on petrol and diesel.He stressed that the share of LNG trade will become equal to the share of natural gas trade of other derivatives by 2035.Al-Sada underlined the importance of developing the GCC’s capabilities and information resources to suit to the size and importance of the oil and gas industry in the Gulf region and to discuss all ways to enhance its position and expand its reach.Given the size and importance of the oil and gas industry to the global economies in general and the economies of the GCC countries in particular, al-Sada said steps should be taken to develop specialised media competent enough to cover the complex deals and the political implications that influence the energy industry.During the meeting, participants agreed to change the name of the forum to become the “Energy Information Forum.”