Latest News

OPEC Secretary general says that oil and gas industry requires more investment

OPEC Secretary general says that oil and gas industry requires more investment

Haitham Al Ghais, Secretary General of OPEC, reiterated Wednesday that oil and gas will continue to make up about 30% in the global energy mix until 2050.

He said that a growing economy, population increase and urbanisation are all signs "that the world will require much more energy than what it consumes today", in his remarks at the Russian Energy Week Conference in Moscow.

He predicted a 23% increase in the primary energy demand between 2050 and 2050.

"Yes, the world is turbulent and there's much going on. But that's constant." "For us at OPEC, the constant is our ability to separate all the noise from the detailed, technical analysis we perform," he said.

OPEC's forecasts of demand are higher than industry estimates. It expects a more gradual energy transition, unlike other forecasters such as the International Energy Agency. The latter has predicted a peak in oil demand by 2029, and a glut of up to 4 million barrels of oil per day in 2026.

OPEC+ - a grouping of OPEC and Russia, as well as other allies - is adding crude oil to the market, after some member countries decided that they would unwind production cuts faster than originally planned. This extra supply adds to fears about a glut, and is weighing down on oil prices in this year.

(source: Reuters)