Global oil industry needs investments of $14 trln until 2045, says OPEC

Logo of OPEC 

OPEC said that the global oil industry will require investments worth $14 trillion, or about $610 billion annually, until 2045 to meet rising energy demand. 

In its World Oil Outlook report issued on Monday, the Organization of the Petroleum Exporting Countries (OPEC) said that energy demand worldwide is predicted to grow by 23% until 2045, or about three million barrels of oil equivalent per day every year.

OPEC raised its oil demand forecast for 2045 by six million barrels per day (bpd) to 116 million bpd, adding crude consumption might rise even higher.

The organization also raised its expectations for production from its member countries, expecting output to rise from 34.2 million bpd in 2022 to 37.7 million bpd in the medium term. It will reach 46.1 million bpd before 2045. 

Non-OPEC oil supply is forecast to increase to 72.7 million bpd in 2028 before gradually declining to 69.9 million bpd by 2045.

Haitham Al-Ghais, Secretary-General of OPEC, warned that the call to stop new oil investments will have dire consequences for the global economy.