OPEC Secretary-General Predicts Continued High Global Demand for Oil and Gas

Oil and natural gas will remain a stable part of the global energy balance for the coming decades, with demand expected to remain robust, said OPEC Secretary-General Haitham al-Ghais at the African Energy Week (AEW) in Cape Town, South Africa.

“OPEC views the prospects for global oil and gas consumption very positively,” he said. “By 2050, global energy demand will increase by 24%, driven by the expected doubling of global GDP during this period. The primary growth of the world economy will be supported by a steady increase in the global population, which is expected to reach 9.7 billion by 2050, up from 8 billion today. The majority of population growth will occur in developing countries, including African nations. Another driver of energy demand will be the growing populations in existing megacities and the increasing number of cities with over a million people.”

According to Haitham al-Ghais, all types of energy resources will be in demand under these conditions. “The world will need all types of energy resources for the coming decades,” he said. “Oil and natural gas will remain the dominant components of the global energy balance until the middle of this century, accounting for 55% of global energy consumption, with oil alone making up 30%.”