OPEC Secretary-General Haitham Al-Ghais said that the oil sector needs investments of $12 trillion until 2045.
Al-Ghais added, in an interview with “The Future of Energy on Al-Arabiya”, that investments in the sector are no longer sufficient, and more must be pumped into the sector to meet future demand.
He explained, “We draw the attention of the industry and decision-makers to the importance of moving away from the message of not investing in oil,” adding that oil investments declined after 2016 from $500 to $200 billion annually.
He pointed out that OPEC countries are proactive in investing in renewable energy, but it should not be at the expense of traditional energy.
“The share of oil in the energy mix will not be less than 30% by 2045,” he added.
He stated that the market share of “OPEC” will rise from 30% currently to more than 40% by 2040 to 2045, according to reports and studies of the organization and independent parties, with the decline in production from countries outside the “OPEC +” system, as it is expected that the production of the United States will decrease by 2029. And 2030, as well as other countries.
