OPEC says Global energy demand to rise 23% by 2045

Organization of the Petroleum Exporting Countries (OPEC),  Secretary General ,His excellency Haitham Al Ghais has reiterated that Global demand for all forms of energy is forecast to rise by 23% through 2045

He stated this while delivering his international keynote address on the theme ‘Powering Nigeria’s Sustainable Energy Future at the ongoing Strategic Conference of the NOG Energy Week taking place at the International Conference Center ,Abuja

It is expedient to note that Oil executives and officials from OPEC have repeatedly made the case for continued investment in oil, warning that prices will otherwise spike higher.

Al Ghais also said calls to limit or stop funding new oil projects were unrealistic and unwise. He acknowledged, however, the need for technology to tackle continued fossil fuel emissions.

“Global primary energy demand is forecast to increase by a significant 23% in the period up to 2045, which means we will need all forms of energy,” he said.

“We will require innovative solutions such as carbon capture utilisation and storage, and hydrogen projects in addition to a circular carbon economy, which has received a positive endorsement from the G20.”

The global oil industry needs $12.1 trillion in investment during the same period, Al Ghais said, adding the industry was not on track to reach that level of investment yet.

Sources close to OPEC have said it will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase.

OPEC’s forecast for 2024 will likely be lower than the growth it expects for this year of 2.35 million barrels per day, or 2.4%, an abnormally high rate as the world moves out of the COVID-19 pandemic.