OPEC Secretary-General Addresses Future of Oil: Global Demand Expected to Rise Continuously
BY: Dr. Hana Saada
ALGIERS- In a recent interview with “Independent Arabia,” the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, discussed the significance and future of oil, stressing that the demand for petroleum is projected to continue growing over the coming decades.
Al-Ghais highlighted that global oil demand is anticipated to increase by approximately 2.2 million barrels per day in 2024 alone, reaching a total consumption of 104.5 million barrels per day. He attributed these expectations to expected improvements in the land transport and aviation sectors, as well as enhanced performance in industries such as manufacturing, construction, and agriculture.
Moreover, the OPEC official forecasted a further growth in global oil demand by around 1.8 million barrels per day in 2025. This outlook aligns with the organization’s recent report, which predicts a steady rise in economic growth rates, reaching 2.8% this year and progressing to 2.9% by 2025, with countries like China and India playing significant roles in global economic expansion.
Al-Ghais emphasized that energy needs will continue to escalate due to projected population growth, expected to reach 9.5 billion worldwide, and the anticipated doubling of the global economy by 2045. Consequently, he stated that energy demand is estimated to increase by approximately 23% by 2045.
Acknowledging oil’s central role in the global energy mix, constituting about 31% of it, Al-Ghais revealed OPEC’s forecast of global oil demand reaching a record level of 116 million barrels per day by 2045. Additionally, he mentioned another scenario where demand could reach 120 million barrels per day by the same year.
While emphasizing the necessity of utilizing all available and reliable energy sources to meet global energy needs, Al-Ghais warned against the repercussions of insufficient investment in the oil sector. He stressed that investments are crucial for ensuring a regular, reliable, and secure energy supply worldwide, serving as a pillar of global energy security and a prerequisite for stimulating sectoral growth.
However, Al-Ghais lamented the lack of investment in the oil sector, attributing it to unrealistic ideologies aimed at demonizing the industry under the guise of environmental preservation. He cautioned that such calls could lead to severe and unprecedented consequences for global economic growth, prosperity, and human development.
According to the OPEC Secretary-General, the oil industry will require approximately $14 trillion in investments by 2045. This includes investments in exploration and extraction ($11.1 trillion), refining and manufacturing ($1.7 trillion), and transportation and marketing ($1.2 trillion), all aimed at ensuring a reliable global energy supply.
Al-Ghais concluded by urging collective efforts to encourage and invest in the oil industry, underscoring the exemplary role played by OPEC member states in supporting global energy security while working towards emission reduction goals. He emphasized that these countries invest in various aspects of the oil industry and energy sector to bolster global energy security while striving to reduce emissions.
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