OPEC calls for $700bn a year in oil investment as demand set to rise
OPEC has forecast global oil demand will climb from 105 million barrels per day in 2025 to 113 million bpd by 2030, calling for annual investment of more than $700 billion in the sector to meet long-term needs.
The projections were published in the group's 2026 World Oil Outlook, launched at the OPEC Secretariat in Vienna. The report sees oil demand rising to 119 million bpd by 2035 and 124 million bpd by 2050, with no peak in sight. Overall global energy demand is projected to rise 23% by 2050, driven by expanding economies in India, the Middle East, Africa and Latin America, as well as policy shifts in the US and Europe expected to favour continued oil consumption.
"For oil alone, investments of $17.7 trillion from 2026 to 2050 — or over $700 billion per annum — are needed to meet long-term demand," said OPEC Secretary-General Haitham Al Ghais, adding that the scale of global energy needs requires sustained investment across all energy sources and technologies.
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Muhammad Ali Bandial