OPEC Predicts 23% Rise in Energy Use by 2050
OPEC Secretary-General Haitham Al-Ghais expects the world to need an increase of 23% in primary energy consumption by 2050, driven by economic growth and industrial developments. He pointed out that global investments across all stages of oil production are insufficient to meet this anticipated demand, which threatens supply shortages. Additionally, OPEC has lowered its forecast for oil demand growth this year to 400,000 barrels per day, down from 1.4 million barrels at the beginning of the year. The OPEC+ organization also decided not to adjust its production targets in its recent meeting, in line with market expectations.
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