Adnoc CEO Says AI Raises Energy Investment Needs to $4 Trillion

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.

Oil producers like the UAE are boosting output capacity, even ...