Calgary: OPEC Secretary General Haitham Al-Ghais said that oil demand growth will remain strong for two and a half decades as the world’s population increases. The organization expects a 24% increase in global energy needs between now and 2050, with oil demand exceeding 120 million barrels per day during that period. These estimates are in line with OPEC’s 2024 World Oil Outlook.

According to National Iraqi News Agency, Al-Ghais stated during his participation in the World Energy Exhibition in Calgary, Alberta, Canada, that there is no peak in oil demand in sight. He expressed admiration for the Canadian oil sector’s efforts to increase production in recent years. Canada achieved record crude oil production in 2024, following the completion of the Trans Mountain pipeline expansion, which enhanced oil companies’ ability to deliver their products to market.

Danielle Smith, Premier of Alberta, Canada’s largest oil-producing region, highlighted her ambition to double the province’s oil and gas production by 205
0. Al-Ghais also emphasized that OPEC has consistently warned of the risks associated with insufficient global investment in oil and gas, given its forecast for demand growth. He noted that a lack of capital investment to meet projected demand growth could undermine energy security and cause volatility for both producers and consumers. OPEC believes $17.4 trillion in investment is necessary in the global energy sector over the next 25 years.

OPEC has begun unwinding its production cuts at a faster pace than initially expected, increasing production by 411,000 barrels per day in May, June, and July. Oil prices have been under pressure in recent months due to these increases, as well as concerns that US President Donald Trump’s trade war could weaken the global economy. The US Energy Information Administration projected that Brent crude prices would fall to around $60 per barrel by the end of the year, with prices averaging $59 per barrel next year.

Al-Ghais remarked that OPEC welcomed recent opposition to wh
at he described as unrealistic climate targets, emphasizing the need to reduce emissions without bias against specific energy sources. He advocated for governments and companies to explore technologies such as carbon capture and storage to reduce emissions from oil and gas.