The world needs more investment in oil and gas as they will continue to account for a large part of the global energy mix in 2050, OPEC Secretary General Haitham Al Ghais said recently, reiterating the cartel’s view that investment in new supply will be needed in the foreseeable future.
Primary energy demand will jump by 23% by 2050, Al Ghais said in remarks to the Russian Energy Week conference in Moscow.
And oil will still represent 30% of total global energy consumption in 2050, OPEC’s Secretary General said.
Growing economies, urbanization, and rising population numbers lead “to one clear signal that the world will need much more energy than it is consuming today,” Al Ghais added.
Earlier this year, OPEC said in its annual World Oil Outlook (WOO) that oil demand is set to continue rising through 2050, with consumption expected at 123 million barrels per day (bpd) then, up from about 104 million bpd this year.
The world needs global oil industry investment of $18.2 trillion out to 2050, Al Ghais wrote in a foreword to the outlook.
“It is vital that these investments are made for consumers and producers everywhere, as well as for the effective functioning of the global economy at large,” he added.
