Energy

Global oil demand has risen to 95 mln bpd -Al Jaber

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Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford

NEW YORK, May 20 (Reuters) - The global oil market is rebalancing, and oil demand has risen to 95 million barrels per day, Sultan Ahmed Al Jaber, chief executive of the Abu Dhabi National Oil Company, said on Thursday.

The longer-term forecast has demand rising to 106 million bpd by 2030, Al Jaber said during the Columbia Global Energy Summit. The oil and gas industry has reduced investments over the past five years, as companies prioritized capital discipline and as investors grew more motivated by environmental concerns, he said.

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Reporting by Stephanie Kelly and Laura Sanicola

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