Vienna: The Organization of the Petroleum Exporting Countries (OPEC) has projected a significant increase in global energy demand, anticipating a 23% rise by 2050. This forecast was shared during the 8th Youth Energy Forum and the annual meeting of the World Petroleum Council.

According to National Iraqi News Agency, OPEC Secretary General Haitham Al Ghais highlighted that the ‘World Oil Outlook 2025’ report estimates global oil demand will reach 123 million barrels per day by 2050. This would sustain oil’s dominant position in the energy mix, accounting for approximately 30% of it.

Al Ghais attributed this anticipated increase to several factors, including population growth, economic development, urbanization, and the emergence of energy-intensive industries. Additionally, the need to supply energy to billions who currently lack access is expected to drive demand further.

To meet this rising demand, Al Ghais emphasized the necessity of substantial investments in the oil sector, estimated at $18.2 trillion by 2050. He underscored the importance of an integrated energy mix comprising oil, gas, and renewable sources, rather than excluding any particular source.

The forum, organized by the Kuwaiti Ministry of Oil and the World Petroleum Council, convenes leaders, experts, and young professionals from around 60 countries to deliberate on the future of the energy industry and global market changes.