OPEC Secretary General Speaks On Projected Increase In Energy Demand By Year 2045 At NOG Energy Week

The Organization of the Petroleum Exporting Countries (OPEC) has forecast a significant increase in hydrocarbon demand, predicting it will reach its peak by 2030.

OPEC Secretary General, Haitham Al Ghais, said this on Tuesday in Abuja, the Nigerian Federal capital at the 23rd Nigeria Oil and Gas (NOG) Energy Week Strategic Conference.

Al Ghais, during his speech delivered virtually said energy demand is expected to rise by 23% by 2045, a development he said will be driven by a growing world economy and population. The OPEC secretary General further noted that oil and gas will continue to remain crucial to meeting the projected demand, with oil retaining its share at almost 30% in 2045.

To meet this growing demand, Al Ghais urged the industry to significantly increase investment levels , estimating that cumulative oil-related investment requirements will amount to an approximately $14 trillion until 2045.

The OPEC Secretary General also highlighted the need to address energy poverty, which affects millions of people worldwide. He called for global cooperation to ensure access to basic forms of energy and clean cooking fuels for all.