The global oil sector will need investments worth $11 trillion to meet future demand by 2040, said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (OPEC).

 

Speaking on the sidelines of the IHS CERA conference in New Delhi, Barkindo noted that OPEC and non-OPEC members are on track to reach a 100 percent commitment rate.

 

“Global energy reserves for oil is shrinking, hence producers and companies must increase their productive capacity and invest more to meet the current demand,” he was quoted as saying by Reuters.

 

Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, OPEC said in its latest report, issued in September.

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