Global oil industry requires $14T investments to meet demand: Al-Ghais

07/02/2024 Argaam

OPEC Secretary-General Haitham Al-Ghais stressed that the global oil industry will require investments worth $14 trillion, or about $610 billion annually, until 2045 in order to meet the growing demand for energy.

 

"The demand for oil will continue to rise and there is a need to ensure that supply is maintained,” Al-Ghais said while speaking at the India Energy Week in Goa on Feb. 6.

 

Global energy demand will jump by 23% by 2045, he further stated.

 

Al-Ghais added that even as many world economies strive to triple their renewable energy capacity, no single renewable source will be able to assume global energy demand growth.

 

He also warned that the call to stop new oil investments would have dire consequences for the global economy.

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