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OPEC Secretary General says oil demand will continue to rise

Wednesday, 11 October 2023 10:53

By ARN News Staff

File Photo

The Organisation of the Petroleum Exporting Countries (OPEC) has boosted its 2045 oil demand forecast to 116 million barrels per day, a 6 million barrels per day increase from 2022.

In its annual World Oil Outlook report, OPEC says the world needs to invest $14 trillion in oil production to meet that growing demand.

Speaking during the Gulf Intelligence Energy Markets Forum in Fujairah, OPEC Secretary General Haitham Al Ghais explains why there is such growth.

The 2023 OPEC World Oil Outlook (WOO) was unveiled on Tuesday at the King Abdullah Petroleum Studies and Research Center in Saudi Arabia. Established in 2007, the WOO provides an analysis of global oil and energy prospects until 2045.

The 17th edition highlighted recent shifts in energy policies and the emergence of new technologies.

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