The global energy industry needs annual investment of $4 trillion as the boom in data centers and artificial intelligence increases demand, according to Sultan Al Jaber, head of the biggest crude producer in the United Arab Emirates.
Long-term demand growth will outlast immediate concerns over an oil supply glut, Al Jaber, chief executive officer of Abu Dhabi National Oil Co., said at a conference in Abu Dhabi on Monday. Investors will need to develop the resources to drive the coming data boom, including revamping power grids, he said.