Dr Al Jaber said global consumption is expected to recover to 105 million bpd by 2030. “We are a long-term player. The future will require more oil and more hydrocarbon resources ... being the lowest-cost producer will always give us a competitive edge,” he said. The UAE is part of the 23-member Opec+ alliance of producers that agreed to curb output by a record 9.7 million bpd last year to rebalance oil markets. The curbs have since been eased to 7.2 million bpd and Dr Al Jaber said the “interim” measures are not in conflict with Adnoc’s long-term goals. The country, Opec's third-largest producer, has invested heavily in the exploration of new oil and gas resources in recent years.