Al Ghais calls for $18.2trn investment in O&G
VIENNA, 19 hours, 8 minutes ago
The oil and gas sector needs $18.2 trillion in investments by 2050 to meet future demand, according to Haitham Al Ghais, Opec Secretary General.
He stated that oil and gas are essential pillars for a stable and secure energy future, and that the world must invest now to be prepared for what lies ahead.
Al Ghais made these comments in an interview with Energy Connects during the 9th Opec International Seminar, in Vienna, Austria.
He pointed out that global energy demand was projected to increase by 23 per cent by 2050, with oil demand expected to reach 123 million barrels per day (bpd).
He stressed that this growth necessitates substantial investments to ensure energy security, affordability, and reliability while addressing emissions from all sources.
The theme of this year's seminar, ’Charting Pathways Together’, underscored the importance of collective action in an increasingly fragmented energy landscape.
Al Ghais highlighted Opec's commitment to unity, stating: "This is one planet we are living on. It's our planet."
He called for a collaborative approach to energy issues, emphasising the need to care for the planet and work together to tackle challenges.
Looking ahead, he reflected on the nearly 10-year journey of the Opec+ coalition, which will celebrate its anniversary in December 2026.
He affirmed that the unity and cohesiveness within the coalition have never been stronger, with a shared goal of maintaining energy market stability, a vital aspect for the global economy.
During the seminar, Al Ghais unveiled the World Oil Outlook 2025, presenting data-driven insights that challenge the narrative of an imminent decline in oil demand.
He noted that the updated report indicated an increase in oil demand growth, projecting oil consumption at 123 million bpd by 2050.
This reflects a shift in global policies, moving away from overly ambitious net-zero targets and recognising the ongoing necessity of oil in the energy mix, he added. -TradeArabia News Service
