Dubai: The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, announced that the total cumulative investment requirements in the oil sector between 2024 and 2050 are estimated at about $17.4 trillion, at a rate of $640 billion annually.

According to National Iraqi News Agency, Al-Ghais highlighted that the exploration and production sectors will consume the largest part of investment in the oil sector, with total investment needs estimated at about $14.2 trillion and about $525 billion annually. He noted that investment needs in the manufacturing and refining industry and the transportation and storage sector are expected to reach about $1.9 trillion and $1.3 trillion, respectively, during the same period.

The Secretary-General explained that based on OPEC’s expectations in its annual report “World Oil Outlook 2024 WOO”, global oil demand will reach a level exceeding 120 million barrels per day in 2050, an increase of 18 million barrels per day compared to 2023. Due to population expansion, urbanization, and economic growth, developing countries are expected to witness a growth in oil demand of about 28 million barrels per day, unlike developed countries, which will witness a decline in demand of about 10 million barrels per day.

He pointed out that the expectations for global oil demand growth for 2025 remain at 1.4 million barrels per day, as demand in OECD member countries is expected to grow by about 0.1 million barrels per day, while demand in non-OECD countries will grow by about 1.3 million barrels per day.

Al-Ghais remarked that the decisions of OPEC and OPEC+ have contributed since 2016 to supporting global oil markets and providing energy. He added that the ninth OPEC World Symposium, which will be held in Vienna from 9-10 July, represents evidence of the efforts of OPEC and its member states to build bridges of communication to achieve stability in the global oil market.