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OPEC Oil Industry Needs $11.1 Trillion in Upstream Investment by 2045

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According to OPEC Secretary General Haitham Al Ghais, the oil industry will need $11.1 trillion in upstream investment by 2045.

The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply,

’s chief told the news agency. Investment in oil is critical for the global energy security, Al Ghais added. and its Secretary General Al Ghais criticized the International Energy Agency IEA for vilifying the industry and for playing down energy security and affordability. Days earlier, IEA had said that the oil and gas industry faces “a moment of truth” in choosing between fueling climate change and becoming a part of the solution. Last month, Al Ghais said that

 

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