According to a report by Oil Price Network on July 11, the Secretary-General of OPEC said that by 2045, global primary energy demand is expected to surge by 23%, adding that this will require all resources to meet growing demand.
According to Reuters, OPEC Secretary-General said at an oil conference in Nigeria,"It is predicted that global primary energy demand will increase significantly by 23% by 2045, which means we need various forms of energy."
Oil will continue to play an important role in the future energy mix. By 2045, as much as US$12.1 trillion in investment will be needed to meet oil demand alone. But he added that the industry is not yet on track to reach this level of investment.
Last month, he said in a speech in Malaysia,"In OPEC's World Oil Outlook, we see that global energy demand will grow by 23% by 2045, and I think there is no reliable way to solve this problem if we don't utilize all available energy and are guided by energy market stability."
The demand and utilization space for natural gas, hydropower, nuclear energy, hydrogen and biomass energy will also continue to expand, but it is clear that oil will still be an indispensable part of it.
OPEC predicts that by 2045, global oil demand will rise to 110 million barrels per day, and by 2045, oil will still account for 29% of the energy structure. He pointed out that between now and 2045, investment in the oil industry alone will need to reach US$500 billion per year, and the cumulative amount will reach US$12.1 trillion by 2045.
He said at the end of June that policymakers and stakeholders in all industries need to work together to ensure a long-term investment-friendly environment and provide sufficient funds to form an effective mechanism for producers and consumers, as well as developed and developing countries. Source: Sinopec News Network