Emily Smith
Tue, Jul 11, 2023 4:35 PM

World Energy Demand Predicted to Increase by 23% by 2045, says OPEC Secretary-General

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World Energy Demand Predicted to Increase by 23% by 2045, says OPEC Secretary-General
OPEC Secretary-General stated at the Nigeria Oil and Gas Conference that world energy demand is expected to increase by 23% by 2045. He emphasized the need for innovative solutions like carbon capture and circular carbon economy, along with the support of G20 countries. Highlighting the investment gap in the oil industry, he called for prompt action.

ABUJA, NIGERIA - The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo, delivered an insightful speech at the Nigeria Oil and Gas Conference on Monday, revealing a significant prediction for the future of global energy demand.

According to Barkindo, world energy demand is projected to surge by approximately 23% by the year 2045. This revelation signals an urgent need for the implementation of innovative solutions to cater to the escalating energy needs.

The OPEC Secretary-General emphasized the importance of embracing transformative concepts such as carbon capture, utilization, and storage (CCUS), along with the adoption of a circular carbon economy. He acknowledged the forward-looking support provided by the G20 nations in this regard.

"In addition to innovative solutions such as CCUS and hydrogen projects, the world necessitates a circular carbon economy that has garnered positive support from the G20 countries," asserted Barkindo.

Highlighting the investment requirements of the global oil industry, Barkindo stated that approximately $12.1 trillion will be needed over the same period as the surge in energy demand. However, he expressed concern that the industry has yet to gain sufficient momentum to meet this investment gap.

The Secretary-General urged the stakeholders in the petroleum sector to expedite and prioritize activities that would attract much-needed investments for production capacity growth.

"While the projected energy demand growth provides immense opportunities, it is critical for the industry to rapidly mobilize the required financial resources to bridge the investment gap," emphasized Barkindo.

Furthermore, Barkindo highlighted that the upcoming 18th International Energy Forum (IEF) Ministerial Meeting would take place in Riyadh, Saudi Arabia, in 2023. This event is set to serve as a vital platform for fostering dialogue and collaboration among energy stakeholders.

The OPEC Secretary-General concluded his speech by reaffirming the organization's commitment to promoting stability, sustainability, and transparency within global energy markets.

With global energy demand predicted to surge significantly in the coming decades, it is imperative for governments, industries, and organizations to strategize and invest in innovative technologies and practices to ensure a sustainable energy future.

Source of content: OOO News 2023-07-11 News

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