The Organization of the Petroleum Exporting Countries (OPEC) has forecast a significant increase in hydrocarbon demand, predicting it will reach its peak by 2030.
OPEC Secretary General, Haitham Al Ghais, said this on Tuesday in Abuja at the 23rd Nigeria Oil and Gas (NOG) Energy Week Strategic Conference.
According to Al Ghais, energy demand is expected to rise by 23% by 2045, driven by a growing world economy and population. He emphasized that oil and gas will remain crucial to meeting this demand, with oil retaining its share at almost 30% in 2045.
To meet this growing demand, Al Ghais urged the industry to increase investment levels significantly, estimating that cumulative oil-related investment requirements will amount to approximately $14 trillion from now until 2045.
The OPEC Secretary General also highlighted the need to address energy poverty, which affects millions of people worldwide. He called for global cooperation to ensure access to basic forms of energy and clean cooking fuels for all.
(Editor: Ken Eseni)
