Newscenter Media News The Organisation of the Petroleum Exporting Countries (OPEC) has projected a 23 percent increase in energy demand across the world by 2045.
The OPEC Secretary-General, Haitham Al Ghais, stated this at the ongoing 23rd Nigerian Oil and Gas (NOG) Energy Week Conference and Exhibition on Tuesday in Abuja.
He said the rise in energy demand would be fueled by a world economy that is expected to grow from $138 trillion in 2023 to $270 trillion in 2045.
The OPEC secretary-general also projected that the world’s population would surpass 9.5 billion in the coming years.
Al-Ghais said: “Why are we optimistic? Let us consider these statistics, which are based on OPEC’s World Oil Outlook.
“Urbanisation alone will account for over half a billion people moving to cities around the world by 2030.
“This data tells us that the world will require all forms of energy to meet long-term energy needs.
“Oil and gas will remain the predominant fuels in the energy mix.
“Oil alone will retain its share at almost 30 percent in 2045 as world demand for oil soars to an estimated 116 million barrels per day (mb/d) by that time.”
He, however, said the industry would need to boost investment levels significantly in the years to come to meet the rapid and robust growth in energy consumption.
“According to its research, cumulative oil-related investment requirements from 2024 until 2045 would amount to $14 trillion or around $610 billion on average per year.
“Securing this vital funding is essential to maintaining security of supply and avoiding unwanted volatility.
“Despite these facts, I am certain you are aware of some recent predictions for peak demand by 2030 and calls for a discontinuation of investment in hydrocarbons,” he added.
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