The chief executive of the Abu Dhabi National Oil Company (ADNOC) said that the long-term outlook for global energy demand was "robust" and that investment of $11 trillion in oil and gas was needed to keep up with projected demand. United Arab Emirates minister of state and ADNOC Group CEO Sultan Ahmed Al Jaber also said that the state oil company was on track to raise its oil production capacity to 4 million barrels per day by 2020 and 5 million bpd by 2030. The UAE, the third-largest oil producer in the Organization of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq, pumps around 3 million barrels per day. "In the short term ... global economic uncertainties are creating market volatility and impacting energy demand. But in the long term, the outlook is robust," Jaber told an energy conference in Abu Dhabi on Monday.