Organisation of Petroleum Exporting Countries (OPEC) has warned that a staggering $17.4 trillion in global upstream investment is required by 2030 to avoid a massive oil market deficit of 23 million barrels per day (bpd).
OPEC Secretary-General, Haitham Al Ghais, made this disclosure at the 24th Nigeria Oil and Gas (NOG) Energy Week Conference and Exhibition in Abuja.
Al Ghais emphasized that investment levels in all energies must increase significantly to meet the world’s growing need for energy.
“The global population is expected to rise from around 8.2 billion in 2024 to almost 9.7 billion by 2050,” he said, highlighting the need for accelerated global energy progress.
According to OPEC’s World Oil Outlook, global primary energy demand is expected to grow by 23% between now and 2050, driven by demographics, urbanization, and economic growth.
Oil is expected to retain the largest share of the energy mix in 2050, at almost 30%, while oil and gas are expected to remain above 50% between 2024 and 2050.
Al Ghais stressed the importance of partnerships and innovation in securing a balanced and stable oil market.
“Innovation fuels progress, enabling cleaner, more secure, and more affordable energy solutions,” he said, highlighting the role of technological advances in improving performance across the entire oil industry value chain.
