Al-Attiyah participates in the fourtenth international oil summit

HE Al-Attiyah added that the second fundamental trend is related to the changing dynamics of energy markets, which in the future, he noted, will be determined by emerging economies. “The rates of productivity and income growth in BRIC countries and other newly emerging economies are outpacing those of advanced economies, which will result in a shift of economic power from the advanced economies to the emerging economies.”“The third fundamental is that fossil fuels oil, natural gas and coal will continue to meet most of the world’s energy needs. Fossil fuels, which represent around 80 percent of the primary fuel mix, will remain the dominating source of energy over the next 20 years. Amongst the fossil fuels, oil will remain the energy type with the largest share; however natural gas is the fastest growing and is expected to increase by 50 percent from current levels,” he told the audience.HE Al-Attiyah said climate change and its political implications is another fundamental trend that will shape the future of energy, noting that concern for the environment and efforts to combat the threat of CO2 emissions may affect the production and consumption of fossil fuels.“Policies are formulated at the heart of any sustainable energy strategy to encourage energy efficiency, accelerate the use of renewable sources of energy, promote technological innovation at every stage of the energy innovation chain, mobilize additional investments in sustainable energy and impose emissions reduction mechanisms,” HE Al-Attiyah said.He noted that eight out of the ten countries that own 80 percent of the world’s oil reserves are OPEC members, which, he said, requires them to “place substantial amounts of capital investment throughout the oil industry value chain, including upstream field development, transmission infrastructure and downstream infrastructure.”“This cannot be achieved without strong cooperation between resource owners, technology developers, investment institutes and consuming countries. Failure to do so will have a profound effect on the capacity of producers to meet future energy demands,” he said.HE Qatar’s Ambassador to France Mohammad bin Jaham Al Kuwari attended the session along with members of the delegation accompanying HE the Chairman of the Administrative Control and Transparency Authority