The Organization of the Petroleum Exporting Countries (OPEC) anticipates a significant rise in global energy demand over the next few decades. OPEC Secretary General, Haitham Al-Ghais, projects that global primary energy demand will climb from 308 million barrels of oil equivalent per day last year to 378 million barrels of oil equivalent per day by 2050. This represents an increase of approximately 23 percent.
During a lecture in Kuwait, Al-Ghais highlighted that OPEC’s forecasts indicate substantial growth in global energy demand, particularly within countries outside the Organization for Economic Cooperation and Development (OECD). He noted that these non-OECD nations are expected to experience a considerable surge in demand. Global oil consumption alone is projected to reach 123 million barrels per day by 2050.
Al-Ghais emphasized OPEC’s crucial role in ensuring a more stable global energy future, stressing the need for ongoing international cooperation and understanding. He stated that OPEC is undertaking significant efforts to achieve this stability.
Regarding renewable energy sources, the Secretary General clarified that they should be viewed as complementary to oil, rather than a complete substitute. Currently, renewable energy accounts for only 3 to 4 percent of the global energy mix, while fossil fuels, including coal, oil, and gas, constitute approximately 80 percent.
Furthermore, Al-Ghais mentioned that OPEC is actively engaged in a comprehensive communication campaign to counter misinformation surrounding fossil fuels and to underscore the strategic role and importance of oil. He asserted that oil remains a vital engine of the global economy.
Al-Ghais concluded by stating that addressing climate change, rising temperatures, and environmental challenges does not necessitate abandoning oil as an energy source. Instead, he advocated for investing in technologies that can effectively eliminate carbon emissions. He believes technological solutions offer a more viable path forward. OPEC is committed to promoting a balanced and sustainable energy future.
