OPEC Secretary General Haitham Al Ghais says no end in sight for oil demand growth | Forexlive

Oil demand will continue to rise well into the future, with no peak expected through 2050, OPEC Secretary General Haitham Al Ghais said on Tuesday. Speaking at the Global Energy Show in Calgary, Al Ghais cited OPEC’s forecast for a 24% increase in global energy demand by 2050, with oil consumption expected to surpass 120 million barrels per day.

He warned that insufficient investment in oil and gas threatens global energy security, calling for $17.4 trillion in capital investment over the next 25 years to meet demand and avoid market volatility. Al Ghais praised Canada’s recent production gains, particularly after the Trans Mountain pipeline expansion, and noted Alberta’s ambition to double oil and gas output by 2050.

OPEC also criticised what it sees as impractical net-zero emissions targets, urging a more balanced approach that includes technologies like carbon capture rather than phasing out fossil fuels.

Meanwhile, the U.S. EIA projects Brent crude could fall to around $60 a barrel by year-end.

Earlier re oil:

Brent update:

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