Oil will make up close to 29% of global energy needs by 2045, with investment of $12.1 trillion needed by then — or over $500 billion a year — but recent annual levels have been far below this, OPEC Secretary General Haitham Al Ghais said, according to Report.
"Investment in oil is critical for energy security. OPEC member countries are ready, willing and able to provide the affordable energy needed to cater towards these future energy needs, all the while reducing their emissions and helping eradicate energy poverty in doing so," he said, adding that looming oil demand growth alone necessitates far more investment if a sustainable supply is to be maintained," he said.
"The consequence of failing to invest adequately in oil is hammered home by recent OPEC Secretariat research outlining that in 65 years there would be a staggering oil market de6cit of 16 million barrels per day between forecasted rising global demand and supply if investments into upstream activities were stopped today — as some are calling for," said the secretary general.
"The oil industry has played a central role in improving billions of lives to date. If it is to continue to do so, and if the world is serious about implementing orderly energy transitions and meeting future energy demand while ensuring energy security for all, chronic under-investment in the industry needs to be remedied swiftly," he noted.
https://report.az/en/energy/opec-chief-announces-investment-needs-of-global-energy-market/