<\/p>\n
Rising primary energy demand will require US$17.4 trillion in oil investment by 2050: OPEC.<\/p>\n
There\u2019s no peak in global oil demand on the horizon, and it will take trillions in investment over the coming decades to meet that need, the secretary-general of the Organization of Petroleum Exporting Countries said.<\/p>\n
Primary energy demand is forecast to rise by 24% between now and 2050, surpassing 120 million barrels a day, Haitham al-Ghais said in a speech to the Global Energy Show taking place in Calgary.<\/p>\n
That will require US$17.4 trillion in investment over that time, he said.<\/p>\n
\u201cOPEC\u2019s forecasts are not based on ideology. They are based on data and analysis of data, and they clearly indicate that oil will remain an integral part of the energy mix at around 30% still in 2050,\u201d al-Ghais said.<\/p>\n
\u201cSimply put, ladies and gentlemen, there is no peak in oil demand on the horizon.\u201d<\/p>\n
Al-Ghais criticized the International Energy Agency for sending mixed signals to industry in recent years \u2014 first saying oil should be a cornerstone for global energy security, then saying no oil investments should be made under a net-zero scenario, and then reverting back to the earlier view.<\/p>\n
\u201cBodies that are entrusted with guiding policy on global energy affairs should not reverse course every couple of years if they want to remain credible and relevant,\u201d he said.<\/p>\n
Companies need certainty for long-lead-time projects, and inadequate investment in the oil and gas industry is a \u201cdangerous matter,\u201d he said.<\/p>\n
\u201cIt undermines energy security and market stability and causes heightened volatility all around the world, which affects producers, but not only producers \u2014 more importantly, it actually affects consumers, and of course, the wider global economy.\u201d<\/p>\n
Al-Ghais said OPEC takes climate change \u201cvery, very seriously,\u201d but expressed concern over net-zero targets he called \u201cunrealistic,\u201d \u201cfixated on deadlines\u201d and \u201cdetached from reality.\u201d<\/p>\n
\u201cWe welcome the recent moves toward policies grounded in pragmatic energy realities, and that recognize that we face an emissions challenge and not the energy sources challenge,\u201d al-Ghais said, noting OPEC members are signatories to the Paris climate agreement and recognize the important role of renewable energy and carbon capture.<\/p>\n
The OPEC secretary-general said his organization admires what Alberta has accomplished as an energy producer.<\/p>\n
\u201cAs a result of this, Canada has become a major global \u2014 and I underline the word global \u2014 oil supplier,\u201d he said.<\/p>\n
Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers, told the conference that the market is starting to come around to the view that an \u201cenergy transition\u201d is not underway, but rather an \u201cenergy addition.\u201d<\/p>\n
\u201cWe\u2019re seeing the demand for energy just growing exponentially,\u201d she said.<\/p>\n
\u201cIt\u2019s great that renewables are growing, but it\u2019s just going to be layered on top of the growth in conventional oil and gas to meet global demand.\u201d<\/p>\n
Jon McKenzie, president and CEO of Canadian oilsands giant Cenovus Energy Inc., told reporters on the sidelines of the conference that he agrees more industry investment is needed, and sector players have what it takes to meet the challenge.<\/p>\n
\u201cThis is an industry that does a really good job of getting productive and beating back costs.\u201d<\/p>\n
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Rising primary energy demand will require US$17.4 trillion in oil investment by 2050: OPEC. There\u2019s no peak in global oil demand on the horizon, and it will take trillions in investment over the coming decades to meet that need, the secretary-general of the Organization of Petroleum Exporting Countries said. Primary energy demand is forecast to […]<\/p>\n","protected":false},"author":1,"featured_media":4266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2025\/06\/OPEC-45-1140x445.jpg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2025\/06\/OPEC-45-463x348.jpg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2025\/06\/OPEC-45-300x225.jpg",300,225,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2025\/06\/OPEC-45.jpg",2560,1920,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/4265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=4265"}],"version-history":[{"count":2,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/4265\/revisions"}],"predecessor-version":[{"id":4271,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/4265\/revisions\/4271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/4266"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=4265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=4265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=4265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}