The OPEC Secretary General, Dr Mohammad Barkindo, disclosed
this at the Virtual 11th IEA-IEF-OPEC Symposium on Energy Outlooks on
Wednesday.
“The global primary energy demand is forecast to continue
growing in the medium and long term, rising by a hefty 25 per cent by 2045″.
“Oil will remain the largest contributor to the energy mix
in 2045 at 28 per cent”.
“To meet this future demand, the global oil sector will need
cumulative investment of US$ 12.6 trillion in the upstream, midstream and
downstream through to 2045.
“These investments are essential for both producers and
consumers,’’ he said.
According to him, underinvestment remains one of the
greatest challenges for the industry and has been exacerbated by the COVID-19
pandemic.
He noted that over the course of 2020, investments declined
by 30 per cent, adding that there was the need to work towards creating an
investment-friendly climate.
“There is a common thread linking the cooperation between
our Organizations; the “Declaration of Cooperation (DoC) actions to restore market
stability and the producer-consumer dialogue”.
“It is something deeply ingrained in OPEC’s raison d’etre”.
“In our fast-changing and unpredictable world, we seek to
contribute to greater stability, more predictability and enhanced
transparency,’’ the OPEC Scribe said.
He further noted that the organisation constantly seeks to
improve its capacity, believing that this would help to build a better future
that would serve the interests of generations of producers and consumers. (NAN)
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