Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, stated that the global oil demand will be projected to hit approximately 123 million barrels per day by 2050, and oil will still have the largest proportion of the world energy mix at around 30 percent.
According to a Saudi Press Agency report, speaking at a conference in Kuwait, he indicated that this increasing demand will require huge amounts of investments to accommodate enough production capacity and sustainability in energy supply, which can reach about $18.2 trillion by 2050.
Al Ghais reported that the demand for all kinds of fuel was expected to keep rising till 2050 and even ahead.
He has projected this anticipated growth to population increase, economic growth, acceleration of urbanization, as well as the emergence of newer energy-intensive industries.
