MOSCOW: OPEC Secretary General Haitham Al Ghais emphasized the urgent need for increased investment in the oil and gas industry, asserting that oil will continue to play a major role in the global energy mix—accounting for nearly 30% by 2050.
Speaking at the Russian Energy Week conference in Moscow on Wednesday, Al Ghais said that economic expansion, population growth, and rapid urbanization point to a clear reality — “the world will need much more energy than it is consuming today.” He projected a 23% rise in primary energy demand by 2050.
Acknowledging the global economic volatility, he noted that OPEC remains focused on “technical, sound, and detailed analysis” rather than being swayed by short-term fluctuations.
OPEC’s projections remain more optimistic than those of the International Energy Agency (IEA), which predicts global oil demand will peak by 2029, followed by a potential supply surplus of up to 4 million barrels per day (bpd) by 2026.
Meanwhile, OPEC+, which includes OPEC members, Russia, and other allied producers, has begun adding more crude to the market after accelerating the unwinding of production cuts. The move, however, has sparked renewed concerns about oversupply and further pressure on global oil prices.
By Reuters
