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Energy demand 'is set for sustained increase'
Global energy demand is set for a sustained increase on the back of developing nations' growth, despite economic problems that have temporarily dented demand in the West, the head of top producer Saudi Aramco said.
Abdallah Jum'ah, outgoing chief executive officer of the state-owned giant, also called on other national oil firms to work together more closely, on everything from joint ventures to research, said a report in our sister publication, the Gulf Daily News.
"Global energy demand is set for a sustained increase, notwithstanding the current dip in consumption and the widespread uncertainty we see in the global economy," he told a meeting of state-owned firms.
"Demand growth in developed nations will moderate, flatten or even decline in some major markets...however, energy demand in developing countries is rising rapidly and will more than offset declining demand growth in advanced economies," he added. |