There’s no peak in global oil demand on the horizon and it will take trillions in investment in the coming decades to meet that need, the secretary-general of the Organization of Petroleum Exporting Countries said Tuesday.
Primary energy demand is forecast to rise by 24 percent between now and 2050, surpassing 120 million barrels a day, Haitham al-Ghais said in a speech to the Global Energy Show.
That will require US$17.4 trillion in investment over that time, he said.
“OPEC’s forecasts are not basically ideology. They are based on data and analysis of data, and they clearly indicate that of oil will remain an integral part of the energy mix,” al-Ghais said….