DUBAI: The global energy industry has seen huge demand from two fast-growing major economies – China and India – even as consumption dropped in Europe.
“These two countries have launched themselves to a high growth zone,” said Abdullah bin Hamad al-Attiyah President of the Administrative Control and Transparency Authority ( ACTA).
“Take the case of India, from a very classical agrarian-based economy with just textile exports, India has become a giant in industry, IT and many sectors,” Abdullah was quoted as saying by the Gulf Times.
China and India would need huge amounts of energy to achieve their growth targets.
“I therefore believe a consumption drop in Europe will be made up by growing demand for energy in China and India,” he said on the sidelines of the 5th Gulf Intelligence Doha Energy Forum 2015 in Doha, the capital of Qatar.
He also said OPEC is unlikely to change policy at its next meeting unless other producers cut first.
“I don’t advise OPEC to have an extraordinary meeting without having a concrete decision to change policy,” he said who has been associated with OPEC in different capacities for about 40 years.
OPEC (Organisation of Petroleum Exporting Countries) is comprised of 12 members that includes Saudi Arabia, the United Arab Emirates and Venezuela amongst others.
