OPEC‘s Secretary-General, Haitham Al Ghais, highlighted optimistic projections during the ongoing 23rd Nigerian Oil and Gas Energy Week Conference in Abuja. According to Al Ghais, the world economy is expected to grow from $138 trillion in 2023 to $270 trillion by 2045, driven by a rapidly expanding global population projected to exceed 9.5 billion.
Speaking via teleconference at the conference themed “Showcasing Opportunities, Driving Investment, Meeting Energy Demand,” Al Ghais underscored the necessity for diversified energy sources to meet long-term global energy needs. He emphasized that despite advancements in renewable energy, oil and gas are poised to remain primary components of the energy mix, with oil alone maintaining nearly 30% share by 2045, supporting a projected demand of 116 million barrels per day.
Al Ghais stressed the urgency for increased investment in the energy sector, estimating a cumulative investment requirement of $14 trillion from 2024 to 2045. He emphasized the critical need for securing funding to ensure supply security and stabilize prices amidst global demand fluctuations.
Addressing concerns over calls for peak oil demand by 2030 and the adoption of “Net-Zero” strategies, Al Ghais cautioned against premature divestment from hydrocarbons, describing such strategies as impractical and emphasizing the ongoing energy access challenges faced by millions worldwide.
He pledged OPEC’s commitment to facilitating dialogue and collaboration with global energy partners, particularly in Africa, while advocating for equitable approaches to climate finance and technology transfer to support sustainable development goals.
Looking ahead, Al Ghais called on world leaders to prioritize universal access to energy resources, urging concerted efforts to address global energy poverty and promote inclusive economic growth.
The ongoing conference in Abuja serves as a pivotal platform for discussing energy investments, technological innovations, and sustainable energy solutions amid evolving global energy landscapes.
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