The Strategist

OPEC: Global oil market needs trillions in investments

05/23/2023 - 06:39

Haitham Al Ghais, the secretary general of OPEC, stated at the annual Middle East Oil and Gas Conference in Dubai that the global oil business will require investments totaling more than $12 trillion by the year 2045.

Chris Potter
Chris Potter
"By 2045, the global economy is projected to double in size, and there will be 1.6 billion people on the planet. Between now and 2045, it is anticipated that the demand for energy would significantly increase by 23% as a result of changes in the world's economies and populations. Making proper investments is vital given the rise in demand," he said.

Oil is anticipated to continue to make up the greatest portion of the energy mix over the forecast period, accounting for close to 30% of that balance in 2045, as the head of OPEC remarked.

"The global oil sector will require a cumulative investment of $12.1 trillion through 2045, which is $500 billion per year," Al Ghais stated.