Haitham Al -Ghais: 640 billion dollars investment requirements in the oil sector annually to meet demand growth

Dubai, February 11/ WAM/ His Excellency Haitham Al -Ghais, Secretary -General of the Organization of Petroleum Exporting Countries “OPEC”, said that investment needs in the oil sector will remain significant to meet the expected growth in the demand for oil reliably, as the total cumulative investment requirements between 2024 and 2050 are estimated at about 2024 and 2050 17.4 trillion dollars at a rate of $ 640 billion annually.

His Excellency added in an interview with the Emirates News Agency “WAM”, in conjunction with the start of the World Summit of Governments 2025, that the exploration and production sectors will consume the largest part of the investment in the oil sector, where the total investment needs in this sector are estimated at about 14.2 trillion dollars, and about 525 billion dollars Annually, it is also expected that investment needs in the manufacturing, refining, transportation and storage sector will reach about $ 1.9 trillion and $ 1.3 trillion, respectively, during the same period.

He explained that the priorities of the Organization of Petroleum Exporting Countries “OPEC” support and ensure the stability of the global oil market in order to secure effective, economic and regular supplies of oil for consumers, a fixed income for producers and a fair return on capital for investors in the petroleum industry, noting that OPEC seeks to ensure the future of energy of all kinds and various types Its sources and availability globally in order to address energy poverty and enhance prosperity for a comprehensive economic growth under the approach of all energies and all technologies for all.

He added that these goals are a basic requirement for developing the economies of many countries, especially developing countries that are the main driver of demand for oil and to achieve these goals, it is necessary to stimulate investment in all types of energy, including the oil industry.

He said that, based on the expectations of “OPEC” in its annual report, “Global Oil Prospects 2024 Woo”, the global demand for oil will reach a level of 120 million barrels per day during the year 2050, an increase of 18 million barrels per day compared to 2023.

In view of the population expansion, urbanization and economic growth, it is expected that developing countries grow in oil demand by 28 million barrels per day, unlike the developed countries that will witness a decline in demand by about 10 million barrels per day.

His Excellency pointed out that the expectations of global oil demand growth for 2025 remain at 1.4 million barrels per day, as the demand is expected to grow in the member states of the Organization for Economic Cooperation and Development by about 0.1 million barrels per day, while the demand will grow in non -member countries of the Organization of Economic Cooperation. And development of about 1.3 million barrels per day.

On the role played by “OPEC” to maintain the stability of the global oil market, His Excellency Haitham Al -Ghais said that OPEC has long realized the urgent need for dialogue between producers and consumers in various fields of energy, and that important international issues related to energy as stability and supply security And demand and economic prospects as well as environmental issues directly affect the balance of global energy markets, specifically the oil and gas industry, so pre -emptive dialogue is essential to bringing views to all parties concerned.

His Excellency added that the decisions of the OPEC and “OPEC +” have contributed since 2016 to supporting the global oil markets and providing the energy that we all need, noting that OPEC was and still is a pioneer in extending bridges of cooperation and dialogue with all the countries and bodies concerned and at various levels, noting Until the ninth world symposium, which will be held in the Austrian capital Vienna during the period from next July 9-10, is evidence of OPEC’s efforts and its members to build bridges of communication in order to achieve the stability of the global oil market.

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