OPEC forecasts global energy demand rise by 23% in 2045

The Organization of Petroleum Exporting Countries, OPEC, has predicted rise in global energy demand by 2045.

According to OPEC’s Secretary General Haitham Al Ghais, global primary energy demand is expected to surge by 23 per cent by 2045, adding that all sources will be needed to meet that growing demand.

“Global primary energy demand is forecast to i ncrease by a significant 23 per cent in the period up to 2045, which means we will need all forms of energy,” Al Ghais said at Nigeria Oil and Gas Conference and Exhibition, NOG, holding in Abuja.

Al Ghais, said, “Oil will continue to play an important role in the future of the energy mix, OPEC and its secretary general have said in recent months. Meeting oil demand alone would need as much as $12.1 trillion in investments in the industry by 2045. But the industry is not on track to reach this level of investments yet.

During a speech in Malaysia last month, OPEC’s secretary general said that “In OPEC’s World Oil Outlook (WOO), we see global energy demand increasing by 23 per cent through 2045, and I see no credible way to address this without utilizing all available energy sources, and with energy market stability as a guiding light.

“Gas, hydro, nuclear, hydrogen and biomass will also expand, BUT, it is clear that oil will remain an integral part of the mix,” Al Ghais added.

The OPEC’s outlook to 2045 sees global oil demand rising to 110 million barrels per day (bpd) by then, and oil would still represent about 29 per cent of the energy mix in 2045.

Investments in the oil industry alone need to be $500 billion each year between now and 2045, for a cumulative $12.1 trillion through 2045, Al Ghais noted.

“All industry policymakers and stakeholders need to work together to ensure a long-term investment-friendly climate, with sufficient finance available. One that works for producers and consumers, as well as developed and developing countries,” Al Ghais said.