Inspenet, June 28, 2023.
More than 500,000 million dollars a year will be required to satisfy the energy demand
OPEC Secretary General Haitham al Ghais yesterday predicted that global oil demand will reach 110 million barrels per day by 2045, accounting for about 29% of energy sources.
Although renewable energy will play a bigger role in the future, Al Ghais said that oil will remain irreplaceable for the foreseeable future.
During the Energy Asia energy conference in Kuala Lumpur, Malaysia, Al Ghais stressed that lack of investment in oil projects will lead to energy chaos. He also noted that global energy demand will increase by 23% until 2045.
Oil: necessary for the future
Despite the great importance of the renewable energies such as gas, hydroelectric, nuclear, hydrogen and biomass, the secretary assured that oil will continue to be integral for all these sources, given economic growth and the projection of the world population is 9,500 million people by 2045 .
Likewise, Al Ghais stressed that the world will need more of the aforementioned fuel due to urbanization and global economic expansion and to meet this demand will require unprecedented investment and collaboration. He explained that the industry will need an investment of approximately 12.1 trillion dollars, that is, more than 500,000 million dollars annually until 2045. In addition, he recognized the need to reduce emissions and decarbonize using best practices and advanced technologies.
On the other hand, the International Energy Agency (IEA) reported on June 14 that global oil demand will slow down, increasing only 6% by 2028 compared to 2022, reaching 105.7 million barrels per day. However, he noted that some economies will continue to experience growth, and 75% of the increase in global oil demand will be attributed to Asia. Al Ghais backed this view by stating that “Asia is at the heart” of the global energy future.
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