USD 700 mln in investments needed for global oil processing annually, OPEC Secretary General

He said some may think that decisions made by OPEC and OPEC+ are focused on the short term.

But that’s not the case. We look across all horizons — far into the future, Al Ghais stated.

He said the aim is to build a platform for future growth, future investment, and future oil production. This cannot be underestimated. Year after year, global oil consumption continues to rise. Just last year, consumption of gas, coal, oil, and renewables reached record levels. The world needs abundant energy resources and a reliable supply.

He noted the global population is projected to reach 10 billion by 2050, which will require further global economic growth. Development of such energy-intensive sectors, such as data centers and AI and accelerated urbanization will make energy especially highly sought.

The OPEC Secretary General highlighted it is crucial not to forget that billions of people around the world still have no access to energy sources. The international community must understand and ensure at least basic access to essential energy sources, so people can cook, turn on lights, send their children to school, or get to work. All of this requires massive investment across all types of energy resources.

Al Ghais reminded of the newly published OPEC Oil Market Outlook for 2025. According to the report, 2.3 trillion US dollars in investments will be needed by 2050. Of which nearly 700 US dollars will be channeled for oil extraction, processing, and transportation annually.

As earlier reported, Kazakhstan’s Prime Minister Olzhas Bektenov delivered a message from President Kassym-Jomart Tokayev to participants of Kazakhstan Energy Week and the 16th Eurasian KAZENERGY Forum in Astana.