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Oil market: We need $14trn investment to meet global demand —Al Ghais

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THE Secretary General, Organisation of Petroleum Exporting Countries, OPEC, Haitham Al Ghais, yesterday, said the world needed to invest $14 trillion between 2023 and 2045 to meet global demand.

In his article – Why OPEC has increased its long-term oil demand outlook in the World Oil Outlook, WOO 2023 – obtained by Vanguard, the secretary general who noted the continued rise in global demand, stated: “In the WOO 2023, investment requirements out to 2045 total $14 trillion, or around $610 billion on average per year.

This past year has seen the OPEC Secretariat research team take on board a variety of energy policy shifts, reassessments of the speed and nature of energy transitions, as well as developments in the economic landscape, to revise up the long-term oil demand outlook in our World Oil Outlook, WOO, 2023 to 116 million barrels a day by 2045.”

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