During a conference in Canada today (Tuesday), OPEC Secretary General Haitham Al Ghais projected that oil demand will remain robust for the next 25 years as global population growth fuels greater energy consumption.
Speaking to industrialists and policymakers, Al Ghais highlighted that the Organization of the Petroleum Exporting Countries anticipates a 24 percent increase in overall world energy needs between now and 2050.
He emphasized that, within this timeframe, daily oil demand is expected to rise above 120 million barrels per day, underscoring the continuing central role of petroleum in meeting the world’s expanding energy requirements, according to news agencies.
According to Al Ghais, advances in technology and diversification of energy sources will not diminish oil’s importance, as transportation, petrochemicals, and industry sectors continue to rely heavily on hydrocarbons.
Al Ghais also noted that while renewable energy capacity is growing, the pace of population and economic expansion—particularly in developing regions—will drive substantial incremental demand for oil.
He called on member countries to collaborate on investment strategies that ensure stable supplies and to support research into cleaner-burning fuels and carbon-reduction technologies to address environmental concerns alongside rising consumption.
In closing, the OPEC chief reiterated the organization’s commitment to market stability, stating that careful monitoring of supply and demand fundamentals will guide production decisions in the years ahead.
