In a compelling revelation at the India Energy Week in Goa, OPEC’s Secretary General, Haitham al-Ghais, underscored the imperative of investing $14 trillion into the global oil market over the next two decades.
Al-Ghais emphasized that this colossal investment is indispensable to meet the surging energy demands projected till 2045. He asserted, “Oil demand will continue to rise, and there is a need to ensure that supply is maintained.”
Echoing this sentiment, India’s Prime Minister Narendra Modi foresees a doubling of India’s oil demand by 2045, reaching a staggering 38 million barrels per day from the current 19 million barrels.
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Modi outlined plans to bolster India’s energy capacity, including an increase in the share of natural gas and an expansion of refining capacity by 2030.
Al-Ghais also addressed the evolving energy landscape, acknowledging the growing traction towards renewable energy.
However, he cautioned against over-reliance on renewables, highlighting the limitations in meeting the escalating global energy demand solely through renewable sources. “No single renewable source will be able to carry the weight of the global energy demand growth,” he emphasized.
The remarks from OPEC’s Secretary General come at a crucial juncture when energy ministers from oil-rich nations like Guyana and Qatar are grappling with the balance between renewable energy integration and the sustained relevance of conventional energy sources.
While acknowledging the need to embrace renewables, these ministers underscored that phasing out fossil fuels remains a distant prospect.
Al-Ghais’s assertions serve as a stark reminder of the intricate energy dynamics shaping the global landscape. As nations navigate the transition towards cleaner energy sources, the indispensability of oil in meeting the escalating energy demands underscores the critical need for substantial investments to ensure the security and reliability of the global energy supply.