Oil industry: The Secretary General of the Organization of Petroleum Exporting Countries, Haitham al-Ghais, stated on Tuesday that in order to meet the world’s increasing energy demand, the global oil market will need to receive $14 trillion in investment by 2045.
Speaking at the India Energy Week in Goa, Ghais stated, “The demand for oil will continue to rise and there is a need to ensure that supply is maintained.” He added that between now and 2045, the world’s energy needs will increase by 23%.
Prime Minister Narendra Modi stated earlier at the event’s opening that India’s own energy consumption will double from the current 19 million barrels per day to 38 million barrels per day by 2045. The Secretary General added that no single energy source will be able to meet the rise in global energy demand, so the oil will continue to play a significant role in the energy mix in the years to come, even as economies around the world work to triple their renewable energy output.
The conversation takes place in the midst of growing uncertainty brought on by the continuous geopolitical tensions, disruptions in the supply and demand, and stricter sanctions that have recently put pressure on the world oil market.
In order to maintain the security and dependability of the supply, Ghais stated, “We need to invest (in oil).” According to Hardeep Singh Puri, India’s Union Minister for Petroleum and Natural Gas, the majority of the crises that the country has faced in recent years have been “self-inflicted” and “policy-induced.”
The energy ministers of Qatar, Guyana, and the Organization of Petroleum Exporting Countries(OPEC)emphasized that while renewable energy must be introduced into the oil and gas industry, there is still a long way to go before conventional sources are entirely phased out.
