OPEC Calls for Urgent Investment in Global Oil Upstream Sector
The Organisation of the Petroleum Exporting Countries OPEC has called for urgent and sustained investment in the global upstream oil sector, warning that a cumulative 14.9tn will be required between 2025 and 2050 to meet projected demand and prevent a future energy crisis.
This investment figure, equivalent to 574bn annually, represents the bulk of the 18.2 trillion in total oil-related investments needed over the 25-year period.
OPEC had projected that 18.2tn investment would be required to meet global oil demand between 2025 and 2050, as it dismissed the notion of a looming peak in fossil fuel consumption as a "fantasy."
This was revealed in the group's newly released 2025 World Oil Outlook, which anticipates oil demand rising from 103.7 million barrels per day in 2024 to 116.5 mb/d by 2045 and peaking at around 123 mb/d by 2050, an 18.6 per cent increase over 26 years.