NEW DELHI: Global oil demand will remain above 100 million barrels per day through 2040, with India remaining the key driver, said Managing Director and Group CEO of ADNOC, Dr Sultan Al Jaber, on Tuesday.
Dr Al Jaber, while speaking at the fourth edition of India Energy Week 2026 in Goa, also mentioned that demand for both LNG and electricity is expected to grow by 50 per cent or more.
He said the growth is being driven by three powerful megatrends: the rise of emerging markets, the exponential growth of artificial intelligence (AI), and the transformation of energy systems, all of which converge in India.
"Electricity demand will be driven not only by AI and data centres but increasingly by cooling", he added.
Global air-conditioner numbers are projected to more than triple to 5.6 billion by 2050, equivalent to ten AC units sold every second for the next thirty years.
“Demand at this scale and pace requires investment in all forms of energy,” Dr Al Jaber said, adding, “The biggest risk is not oversupply, it is underinvestment.”
Earlier this month, India signed a $3 billion deal to buy LNG from the United Arab Emirates, making it the UAE's top customer, as leaders of both countries held talks to strengthen trade and defence ties.
Under the deal, ADNOC Gas will supply 0.5 million metric tonnes of LNG annually to India’s Hindustan Petroleum Corporation for 10 years, beginning in 2028.
The ADNOC chief further mentioned that as the world’s third-largest energy consumer, India has become a decisive driver of global demand. Over the next 15 years, air travel in India is expected to grow by 150 per cent.
The country’s urban population will approach one billion people, and data centre capacity will surge tenfold.
“Progress and growth at this scale and pace requires a special kind of partnership,” said Dr Al Jaber.
“Partnership that is strategic, long-term, agile and flexible. Steadfast, dependable, principled and consistent. PaA partnershiphat is based on trust and will endure through thick and thin. This is precisely what defines the UAE–India relationship,” he added.
As India’s refining demand grows, he said ADNOC will remain a trusted and dependable crude supplier.
India is ADNOC’s number one LNG market, and ADNOC is also India’s largest LPG supplier, continuing to supply feedstocks and chemicals.
"The UAE is also supporting India’s clean energy ambitions through ALTÉRRA, the world’s largest private climate investment vehicle, with investments totalling 11 GW across wind, solar, and battery storage," he added.
XRG, ADNOC’s international energy investment arm, will leverage the UAE’s strengths in energy expertise, capital, and global partnerships to enhance its role as a reliable and responsible energy supplier.
Through XRG, ADNOC is expanding its global gas portfolio, building a world-leading chemicals platform, and investing in energy infrastructure to support industrial and digital growth at scale.
“If you are an investor seeking predictable returns, look to the UAE,” Dr Sultan Al Jaber said.
“If good governance and the rule of law are essential, you will find them in the UAE. And if you want a partner whose conviction will not waver, you can count on the UAE,” he noted.
