Wed Oct 15 16:40:00 UTC 2025: **Summary:**
OPEC Secretary General Haitham Al Ghais stressed the continued importance of oil and gas in the global energy mix until 2050. He projects a 23% increase in primary energy demand by 2050, with oil still accounting for 30% of total global energy consumption. OPEC anticipates oil demand to reach 123 million barrels per day by 2050, requiring $18.2 trillion in global oil industry investment. Al Ghais highlighted OPEC’s consistent advocacy for timely oil industry investments to meet growing demand and criticized the IEA for discouraging investments with its previous Net Zero Emissions Scenario.
**News Article:**
**OPEC Calls for Massive Oil and Gas Investment, Projects Continued Dominance in 2050 Energy Mix**
Moscow – The world needs to invest trillions in oil and gas infrastructure to meet growing energy demand, as these fuels will remain a significant part of the global energy mix for decades to come, OPEC Secretary General Haitham Al Ghais declared Wednesday. Speaking at the Russian Energy Week conference in Moscow, Al Ghais emphasized that primary energy demand is expected to surge by 23% by 2050, driven by growing economies, urbanization, and rising populations.
Despite the push for renewable energy, oil is projected to still represent 30% of total global energy consumption in 2050, according to OPEC’s estimates. The organization forecasts oil demand will reach 123 million barrels per day by 2050, a significant increase from the roughly 104 million barrels per day consumed currently.
To meet this demand, Al Ghais stated that the global oil industry requires a staggering $18.2 trillion in investment between now and 2050. “It is vital that these investments are made for consumers and producers everywhere, as well as for the effective functioning of the global economy at large,” he said.
Al Ghais also took aim at the International Energy Agency (IEA), referencing their recent acknowledgement that new oil and gas resources need to be developed simply to maintain current output levels. He criticized the IEA’s previous calls for “no new investment” in a net-zero by 2050 scenario, arguing that such pronouncements have discouraged investment and created uncertainty about long-term oil demand.
“In contrast to the IEA’s U-turning on this important issue, OPEC has consistently advocated for timely investments in the oil industry to account for decline rates and meet growing demand,” OPEC said in a statement. “It is vital that all stakeholders are consistent in recognizing this and do not return to rhetoric that there should be no investment in new oil projects.”
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