Haitham Al Ghais, Secretary-General of OPEC, has stated that the oil sector requires cumulative investments of $17.4 trillion between 2024 and 2050, averaging $640 billion annually, to meet anticipated demand growth. He emphasised that exploration and production will account for most of this investment, with an estimated $14.2 trillion needed, or approximately $525 billion per year.
Investments in refining, manufacturing, transportation and storage are projected to reach $1.9 trillion and $1.3 trillion, respectively, over the same period. Al Ghais stressed OPEC’s commitment to global oil market stability, aiming to ensure reliable and cost-effective petroleum supplies for consumers, steady income for producers, and fair returns for investors.
He highlighted the importance of addressing energy poverty and promoting inclusive economic growth through an “all-peoples, all-fuels and all-technologies” approach. Al Ghais noted that developing countries, as primary drivers of oil demand, are expected to see growth of about 28 million barrels per day by 2050, while developed countries may experience a decline of approximately 10 million barrels per day.
According to OPEC’s World Oil Outlook 2024, global oil demand is projected to exceed 120.1 million barrels per day by 2050, an 18 million barrels per day increase from 2023 levels. The forecast for 2025 remains at a growth of 1.4 million barrels per day, with OECD member countries expected to see an increase of 0.1 million barrels per day and non-OECD countries anticipating a rise of 1.3 million barrels per day.
Al Ghais also stressed the significance of dialogue between producers and consumers to maintain market stability, stating that proactive engagement is essential to align the views of all stakeholders on key energy issues.
