OPEC Secretary General voiced expectations of continuing oil demand growth in future

During his speech at the Global Energy Show in Canada on Tuesday, OPEC Secretary General Haitham Al Ghais said that oil demand growth is expected to continue for at least the next 25 years.

According to his organization's estimates, oil consumption will continue to increase against the backdrop of global population growth. In this regard, the demand for oil will exceed 120 million barrels per day over the period up to 2050.

This estimate is in line with OPEC's 2024 World Oil Outlook. According to Al Ghais, the peak in demand for the energy source will not be reached in the coming years.

In his speech, the OPEC official also expressed admiration for the achievements of Canada's oil industry in increasing crude production. Besides, Al Ghais emphasized the risks associated with the lack of investment in the global oil and gas industry. He said the lack of sufficient funding could undermine energy security around the world and provoke market instability. OPEC believes that at least $17.4 trillion should be invested in the global energy sector over the next 25 years.