OPEC projects $18 trillion in oil investment to meet future energy needs

According to the prognosis, global energy demand is set to grow by 23% by 2050, as more countries expand their infrastructure and energy access. Al Ghais emphasized that energy history is based on additions, not substitutions: oil, gas, and coal still make up around 80% of the global energy mix, and all energy sources continue to complement one another.

“Positively, it has become increasingly clear to many policymakers in recent years that the narrative of swiftly phasing out oil and gas has been seen for what it is: unworkable and a fantasy. Many initial net-zero policies promoted unrealistic timelines or had little regard for energy security, affordability, or feasibility - this mindset is shifting,” the message reads.

The Secretary General also underlined that oil remains essential to the functioning of modern life, from transport and construction to food systems and healthcare. According to the WOO, global oil demand is projected to reach 123 million barrels per day by 2050.

The message further highlights the need for massive investment in energy systems. An estimated $18.2 trillion in oil sector investment will be required by 2050 to meet demand and support emissions reduction and efficiency efforts.

“It is vital that these investments are made for consumers and producers everywhere, as well as for the effective functioning of the global economy at large. Because it is clear that the world needs all energies to deliver the energy security and energy availability that it desires and all technologies to achieve the emissions reductions it requires,” Al Ghais noted.

He concluded by stressing that building a sustainable energy future requires stable markets, data transparency, and collaboration among all industry players with a realistic understanding of the world’s energy needs.

Earlier, Prime Minister Olzhas Bektenov reaffirmed Kazakhstan’s commitment to the OPEC+ agreement.