The world needs more investment in oil and gas as they will continue to account for a large part of the global energy mix in 2050, OPEC Secretary General Haitham Al Ghais said on Wednesday, reiterating the cartel\u2019s view that investment in new supply will be needed in the foreseeable future.\u00a0<\/p>\n
Primary energy demand will jump by 23% by 2050, Al Ghais said in remarks to the Russian Energy Week conference in Moscow, as carried by Reuters<\/a>.<\/p>\n And oil will still represent 30% of total global energy consumption in 2050, OPEC\u2019s Secretary General said.\u00a0<\/p>\n Growing economies, urbanization, and rising population numbers lead \u201cto one clear signal that the world will need much more energy than it is consuming today,\u201d Al Ghais added.\u00a0<\/p>\n Earlier this year, OPEC said in its annual World Oil Outlook (WOO) that oil demand is set to continue rising through 2050, with consumption expected at\u00a0123 million barrels per day<\/a>\u00a0(bpd) then, up from about 104 million bpd this year.\u00a0<\/p>\n The world needs global oil industry investment of $18.2 trillion out to 2050, Al Ghais wrote<\/a> in a foreword to the outlook.\u00a0<\/p>\n \u201cIt is vital that these investments are made for consumers and producers everywhere, as well as for the effective functioning of the global economy at large,\u201d he added.\u00a0<\/p>\n Last month, OPEC noted the \u201ccautionary tale\u201d of the International Energy Agency (IEA). The agency said in a new report that the world needs to develop new oil and gas resources just to keep output flat amid faster declining rates at existing fields, in a major shift<\/a> in its narrative from 2021 that \u2018no new investment\u2019 is needed in a net-zero by 2050 scenario.\u00a0\u00a0<\/p>\n Set OilPrice.com as a preferred source in Google here<\/a>.<\/p>\n