OPEC supports investments in energy infrastructure to satisfy global demand

The organization of oil exporting countries (OPEC) stated that investment levels in all energies must increase significantly if the global energy need must be satisfied.

In his virtual Keynote speech at the 24th conference and exhibition of the Nog Energy Week Tuesday in Abuja, the secretary general of the OPEC that Haitam al Ghais, underlined the critical importance of investments stating that the acceleration of the global progress of energy will clearly require investments in all energy, in particular hydrocarbons.

He said: “For example, by 2050 cumulative global investments are required related to $ 17.4 trillion oil oil. During the driving at home, the importance of guaranteeing this investment, the OPEC research estimates a huge deficit of the oil market of 23 million barrels per day by 2030 if the investments in the global industry were stopped today.

“Basically, developing countries – many of which have yet to face energy poverty and limited access to finance – must be authorized to use their natural resources for the benefit of their economies and people”.

The Scribe Opec observed that with the demand for global energy that should grow 23 % in the next two and a half decades, the construction of energy infrastructures will contribute to accelerating energy progress in developing economies.

“The global population should rise from about 8.2 billion people in 2024 to almost 9.7 by 2050. This growth will be concentrated almost entirely in the non -Oecse region.

“In addition, almost 1.9 billion people should move to the city by 2050. This is equivalent to adding about 111 cities of the size of Lagos or 452 cities of the dimensions of Abuja to the global urban landscape.

“Although this will challenge energy infrastructures, it also represents an important opportunity to mitigate energy poverty for the 675 million estimated people who remain without access to the basic forms of energy and to the 2.3 billion that are not yet lacking clean fuels.

“The acceleration of the global progress of energy will also be fundamental in supporting global economic growth. In particular, we see the global economy almost doubled by 2050, largely led by non -OCD economies,” he explained.

Al-Gahis insisted that global energy safety can only be hinged in partnerships. According to him, that was the watchword of the signs since its beginning.

“As the African proverb says,“ If you want to go fast, go alone. If you want to go far, go together ”. We are stronger together – a fact that guided the work of the OPEC for 65 years.

“This is the reason why the OPEC will continue to give priority to the partnerships to guarantee a balanced and stable oil market, also through the declaration of cooperation and the cooperation card.

“By completing the importance of partnerships in today’s energy scene, innovation completes the Nog theme of this year.

“Technological progress improve performance in the entire chain of the value of the oil industry. This is the reason why the Member countries of the OPEC and the national oil companies are guiding technological innovation, with thousands of patents granted to the oil industry every year,” he added.