OPEC: oil industry needs $12 trillion by 2045

Haitham Al-Ghais, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), said on Sunday that oil industry needs $12 trillion of investments by 2045, at an average of $500 billion annually.

“OPEC remains committed to supporting oil market stability,” Al-Ghais said in a speech at the Egypt Petroleum Show – EGYPS 2023 in Cairo.

Al-Ghais praised President Abdel Fattah al-Sisi’s keenness on attending the opening ceremony, which shows his utmost care for the energy industry in general, specifically the oil and gas industries.

Al-Ghais invited those involved in the climate change affairs to look at this issue from a different perspective and work towards an energy transfer that guarantees energy security for all.

OPEC’s last forecasts show that energy demand is increasing and will reach pre-coronavirus levels during the current year, as the petroleum industry suffers from a dramatic decline in investment over the past years, Al-Ghais noted.