The Organisation of the Petroleum Exporting Countries (OPEC) forecasts that global oil demand will rise to an estimated 116 million barrels per day (bpd) by 2045. Haitham Al Ghais, OPEC’s secretary-general, announced this during the 23rd Nigerian Oil and Gas (NOG) Energy Week Conference and Exhibition in Abuja.
Speaking via teleconference, Al Ghais highlighted that the world economy is projected to double in size, growing from $138 trillion in 2023 to $270 trillion by 2045. He also noted that the global population is expected to surpass 9.5 billion people by 2045, with urbanization accounting for over half a billion people moving to cities by 2030.
Al Ghais emphasized that to meet long-term energy needs, the world will require all forms of energy, with oil and gas remaining predominant. “Oil alone will retain its share at almost 30 percent in 2045 as world demand for oil soars to an estimated 116 million barrels per day by that time,” he stated.
He also underscored the need for significant increases in investment levels to keep pace with growing energy consumption. OPEC’s research indicates that total oil-related investment requirements between 2024 and 2045 will amount to $14 trillion, or about $610 billion annually.
“In spite of these facts, I am certain you are aware of some recent predictions for peak demand by 2030 and calls for a discontinuation of investment in hydrocarbons,” Al Ghais remarked. He criticized the rush to adopt “net-zero” strategies as misguided and impractical, stressing that developing countries need to balance economic development with climate change mitigation.
Al Ghais pledged that OPEC and its member countries would continue advocating for fair processes in climate finance and technology adaptation. He also called on world leaders to unite in addressing energy access disparities, noting that 675 million people lack basic energy access and 2.3 billion lack access to clean cooking fuels.
Commending President Bola Tinubu, Al Ghais praised Nigeria’s unwavering commitment to OPEC and the Declaration of Cooperation (DoC).
