The Organization of Petroleum Exporting Countries (OPEC) has forecasted a significant rise in global oil demand, predicting it will reach 120.1 million barrels per day by 2050—an increase of 24% from current levels. This surge in demand will be driven by several key factors, including economic growth, population expansion, and urbanization, according to OPEC Secretary General Haitham Al Ghais.
Speaking at a conference in Cape Town last week, Al Ghais outlined projections for both the global economy and population. He noted that the global economy is expected to more than double in size, surpassing $360 trillion, while the global population is set to grow from 8 billion to 9.7 billion by 2050. The ongoing trend of urbanization, particularly in Africa, will also play a major role, with an estimated 600 million people moving to cities over the coming decades.
In his remarks, Al Ghais emphasized the continued importance of oil and gas in the global energy mix. “Oil and gas will remain the predominant fuels in the global energy landscape,” he said. However, he stressed that to meet this projected demand and ensure a reliable energy supply, significant investment in the oil and gas industries will be required in the years ahead.
As global energy needs continue to evolve, OPEC’s call for increased investment highlights the challenges and opportunities that lie ahead for the energy sector.
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