21st February 2024
EP Report

Haitham al-Ghais, the secretary general of the Organization of Petroleum Exporting Countries (Opec), highlighted the need for a substantial investment of $14 trillion by 2045 to meet the escalating energy demand worldwide, according to a report.


Ghais emphasized that the demand for oil is expected to rise significantly, projecting a 23 per cent increase in global energy requirements by 2045 while addressing the India Energy Week in Goa.


Prime Minister Narendra Modi, at the event's inauguration, stated that India's energy demand was set to double by 2045, reaching 38 million barrels per day, compared to the current 19 million barrels per day.


Ghais stated that oil was likely to maintain its position as a crucial energy source despite efforts to triple renewable energy capacity. He emphasized that no single source alone could cater to the growing global energy demand.


The discussions take place amidst various uncertainties, including geopolitical tensions, supply disruptions, and sanctions, all of which have impacted the global oil market.

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