Abu Dhabi: Haitham Al Ghais, Secretary-General of OPEC, stated that significant investment in the oil sector is crucial to meet the anticipated growth in oil demand. Cumulative investment requirements are projected to reach $17.4 trillion between 2024 and 2050, which averages out to approximately $640 billion annually.
According to Emirates News Agency, during the World Governments Summit (WGS) 2025, Al Ghais emphasized that exploration and production sectors will require the majority of these investments, with needs estimated at $14.2 trillion, or around $525 billion annually. Additionally, sectors such as refining, manufacturing, transportation, and storage are expected to demand approximately $1.9 trillion and $1.3 trillion, respectively, over the same period.
Al Ghais underscored OPEC's priorities, which include ensuring global oil market stability to secure reliable, cost-effective, and consistent petroleum supplies for consumers, a stable income for producers, and a fair return on capital for investors in the petroleum industry. He reiterated OPEC's dedication to securing the future of energy across all types and sources to combat energy poverty and promote inclusive economic growth under the "all-peoples, all-fuels and all-technologies" approach.
He noted that achieving these goals is vital for the economic development of many countries, especially developing nations that drive oil demand. Encouraging investment in all types of energy, including the oil industry, is essential to meet these objectives.
According to OPEC's World Oil Outlook (WOO) 2024, global oil demand is anticipated to exceed 120.1 million barrels per day by 2050, marking an increase of 18 million barrels per day from 2023. Developing countries, due to population growth, urbanization, and economic expansion, are expected to experience oil demand growth of about 28 million barrels per day, while developed countries are predicted to see a decline in demand by about 10 million barrels per day.
Al Ghais highlighted that the global oil demand growth forecast for 2025 is projected at 1.4 million barrels per day. Demand in OECD member countries is expected to grow by 0.1 million barrels per day, whereas non-OECD countries are expected to witness growth of 1.3 million barrels per day.
Regarding OPEC's role in maintaining global oil market stability, Al Ghais emphasized the organization's long-standing recognition of the importance of dialogue between producers and consumers in all areas of energy. He added that key international issues related to energy, such as market stability, supply and demand security, economic prospects, and environmental concerns, significantly affect the balance of global energy markets, particularly the oil and gas industry. Proactive dialogue is essential to align the views of all stakeholders.
