Exxon: Efficiency isn't a luxury

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RIYADH, Saudi Arabia, Nov. 22 (UPI) -- Governments around the world need to encourage a business climate that recognizes future energy challenges, an Exxon official said in Saudi Arabia.

Exxon Mobil Chief Executive Officer Rex Tillerson said during the inauguration of an industrial complex in Saudi Arabia that global energy demand could increase 30 percent by 2040 when compared with 2010 levels.

"The energy challenges the world faces require a business climate that encourages and enables investment, innovation and cooperation," he was quoted by the Platts news service as saying. "This means governments play a crucial role in the energy industry's ability to expand supplies of energy and increase efficiency in a safe and environmentally responsible way."

Tillerson said more work was needed to meet strains on a future energy market.

"Increasing energy efficiency is not a luxury," he said. "It is a necessity."

The Organization of Petroleum Exporting Countries has its next regular meeting in December. OPEC during the summer didn't adjust official production quotas despite unrest in oil-rich Libya.

International Energy Agency Executive Director Maria van der Hoeven told Bloomberg News that markets had enough oil, however.