08-06-08 The president and CEO of Malaysia's national oil company, Petronas, Hassan Marican, said global demand for oil in 2008 is expected to stay unchanged at 87.5 mm bpd with weaker growth in the OECD countries offset by demand in Asia Pacific, the Middle East and Africa, in spite of the growing risk of an economic slowdown.
Marican, speaking at the opening of the annual Asia Oil & Gas conference in Kuala Lumpur, added that emerging economies are expected to drive energy demand growth by around 2.2 % annually up to 2030.

He said technology would play a key role in ensuring steady supply.
"Dramatic changes in technologies in recent years have already made existing oil and natural gas reserves stretch further, while keeping energy costs lower than they otherwise would have."
During the past decade, despite more than 250 bn barrels of oil extracted worldwide, net proven reserves rose in excess of only 100 bn barrels.

Malaysian Prime Minister Abdullah Ahmad Badawi said at the conference that access to petroleum reserves remains a key imperative for global geopolitics despite decades of technological advancements in petroleum production and logistics.
"There will always be uncertainty and fear of interruptions in supply, such fears can easily drive up the price of oil to unprecedented heights," he said.