OPEC Claims the World Needs $18.2 Trillion in Oil and Gas Investments by 2050

The world needs $18.2 trillion in oil and gas investments through 2050 to ensure energy supply by the middle of the century, OPEC Secretary General Haitham Al Ghais has told Energy Connects in an exclusive interview. Oil demand is set to continue rising through 2050, with consumption expected at 123 million barrels per day (bpd) then, up from about 104 million bpd this year, according to OPEC’s annual World Oil Outlook (WOO) released last week. Oil is still expected to account for 30% of the global energy mix in 2050, according to OPEC’s…