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 and long-term investments in the hydrocarbon sector. This urgent call comes in response to the continuously rising global demand for both oil and gas.<\/p>\n
The two organizations made the statement during the 6th High-Level Meeting of the Energy Dialogue held in Vienna on Friday. The meeting was co-chaired by OPEC Secretary General Haitham Al Ghais and GECF Secretary General Mohammad Hamel. Discussions centered on developments in the oil and gas markets, long-term prospects, collaboration on energy data, and joint activities related to COP30.<\/p>\n
Both OPEC and GECF warned of a persistent underinvestment in the energy sector despite projected increases in long-term demand. A statement from OPEC highlighted that the GECF’s Global Gas Outlook 2050 estimates a need for $11.1 trillion to ensure future gas demand is met. Similarly, OPEC’s World Oil Outlook to 2050 projects that the oil industry requires $18.2 trillion in investment.<\/p>\n
Al Ghais stressed the importance of clear communication to foster a favorable environment for long-term investments. He reiterated the vital role of oil and gas as affordable and reliable energy sources to meet the world’s growing energy needs in the future. The secretaries highlighted the importance of continued collaboration and dialogue to address the challenges and opportunities facing the global energy market.<\/em><\/p>\n According to OPEC’s World Oil Outlook, global energy demand is expected to increase by 23% by 2050, with global oil demand reaching 123 million barrels per day. The combined share of oil and gas in the global energy mix is projected to remain above 50% until 2050.<\/p>\n OPEC’s Secretary General further noted that global natural gas consumption is expected to rise by 1.6% in 2025, while global oil demand will increase by 1.3 million barrels per day. “These are record numbers being achieved year after year,”<\/strong> he stated.<\/p>\n Hamel added that natural gas remains the fastest-growing hydrocarbon fuel and a cornerstone of future energy systems. He emphasized its essential role not only in power generation and industrial applications but also in various other sectors.<\/em><\/p>\n