Vienna, Austria – The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) have jointly emphasized the critical need for sustained, long-term investments in the global hydrocarbon sector. The call came during the 6th High-Level Meeting of the OPEC-GECF Energy Dialogue, held Friday in Vienna.
The meeting, co-chaired by OPEC Secretary General Haitham Al Ghais and GECF Secretary General Mohammad Hamel, focused on developments and long-term prospects in the oil and gas markets, cooperation on energy data, and joint activities leading up to and during the upcoming COP30 conference.
Both organizations cautioned against continued underinvestment, despite projected long-term increases in demand. An OPEC statement highlighted that the GECF’s Global Gas Outlook 2050 projects a need for $11.1 trillion in investment to ensure future gas demand is met. Similarly, OPEC’s World Oil Outlook to 2050 estimates the oil industry’s investment needs at $18.2 trillion.
Al Ghais stressed the importance of clear communication to foster a favorable environment for long-term investments, reiterating the significance of oil and gas as affordable and reliable energy sources to meet growing global energy demand. OPEC forecasts a 23% increase in global energy demand by 2050. Global oil demand is projected to reach 123 million barrels per day, with oil and gas combined maintaining a share of over 50% of the global energy mix through 2050.
The OPEC Secretary General noted that global natural gas consumption is expected to increase by 1.6% in 2025, while global oil demand will rise by 1.3 million barrels per day, calling them record numbers. Hamel added that natural gas remains the fastest-growing hydrocarbon fuel and a vital component of future energy systems, essential not only for power generation and industrial uses but also for providing cleaner cooking, cooling, and heating solutions globally.
Based on the GECF Global Gas Outlook 2050, the Secretary General indicated that…
