Global oil demand will remain above 100 million barrels per day through 2040, while demand for LNG and electricity is set to grow by 50 per cent or more, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, said at India Energy Week 2026, warning that underinvestment poses a greater risk to the energy system than oversupply.
“Demand at this scale and pace requires investment in all forms of energy,” Al Jaber said. “The biggest risk is not oversupply, it is underinvestment.”
Speaking at the event, Al Jaber said the defining story of global energy today is growth, driven by three forces — the rise of emerging markets, rapid expansion of artificial intelligence, and the transformation of energy systems — all of which converge in India.
He said electricity demand will increasingly be driven by cooling, with global air-conditioner numbers projected to more than triple to 5.6 billion by 2050.
India’s Energy Drive
India, he said, is emerging as a decisive driver of global energy demand. Over the next 15 years, India’s urban population is expected to approach one billion, air travel is projected to grow 150 per cent, and data centre capacity is expected to rise ten-fold.
“Progress and growth at this scale and pace requires a special kind of partnership,” Al Jaber said, describing the UAE–India relationship as strategic, long-term and based on trust.
Al Jaber said ADNOC will remain a reliable supplier as India’s refining and gas demand grows. India is ADNOC’s number one LNG market and its largest LPG destination, while ADNOC also supplies crude oil and chemicals to India. He noted that Indian national oil companies hold equity stakes in ADNOC’s upstream concessions, including a 10 per cent stake in the Lower Zakum offshore field, and that ADNOC stores crude oil in India’s strategic reserves at Mangalore.
Clean Energy Investments
He also highlighted ADNOC’s investments through ALTÉRRA, which support India’s clean energy ambitions, including 11 GW of wind, solar and battery storage capacity. ADNOC’s international investment arm XRG is expanding its global gas portfolio, chemicals platform and energy infrastructure, he said.
Al Jaber said global electricity demand growth is being reshaped not just by data centres and AI but also by rising cooling needs in developing economies. “Demand at this scale and pace requires investment in all forms of energy,” he said.
He said ADNOC is deploying artificial intelligence across its operations, with more than 200 AI tools and 65 robotics applications, reducing unplanned shutdowns and improving efficiency.
“In an era of constant change, reliable partnerships are the real strategic reserves,” Al Jaber said, inviting investors and governments to build long-term cooperation frameworks.