"OPEC": Demand for oil is growing and $12 trillion needs to be invested in the oil industry

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haytham Al-Ghais said today Sunday that the world’s oil industry needs $12 trillion worth of investment by 2045.

In his speech at the opening of the sixth session of the Egyptian International Petroleum Exhibition and Conference (EGIS) in Cairo, Al-Ghais said that demand for oil has increased since the Covid-19 pandemic, as it is expected to reach 102 million barrels. per day this year and up to 110 million barrels by 2018. 2025.

He continued: “However, the oil industry has recently been suffering from a lack of investment, and in order to put this industry in its place, we need to invest USD 12 trillion in this industry by 2045, or USD 500 billion. dollars per year”, emphasizing the importance of investing in energy security as a key component of economic activity, energy affordability and stability in energy markets.

Al-Ghais stressed that OPEC remains committed to the stability of world oil prices, and believes that the collective decision to cut production in October last year was the right move, and that the OPEC + alliance has historically played a constructive role in meeting additional demand and maintaining market balance.

He indicated that OPEC supports the transition to clean energy, but called on all those involved in climate change issues to look at the problem from a different perspective and work towards an energy transition that guarantees energy security for all.

Source: agencies

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