Global oil production, refining and transportation require approximately $700 million in investments per year. This was stated by OPEC Secretary General Haitham al-Ghais at the Kazakhstan Energy Week 2025, according to a Kazinform correspondent.
„Some may think that the decisions taken by OPEC and OPEC+ are focused on the short term. But this is not so. We are looking at all horizons - into the distant future. Let me explain why. We want to have a platform for future growth, future investments and future oil production. The importance of this cannot be underestimated. Global oil consumption is growing year after year. Last year, the consumption of gas, coal, oil and renewable energy reached record levels. The world needs abundant energy resources and energy supplies“, he said.
According to him, by 2050, the world population will reach 10 billion people, which will require continued global economic growth. The development of energy-intensive industries such as data centers and artificial intelligence, as well as accelerated urbanization, will make energy particularly in demand.
“We must not forget that billions of people around the world still do not have access to energy. The international community must understand and ensure at least minimal access to basic energy sources so that people can cook, turn on the lights, send their children to school or go to work. All this requires huge investments in all types of energy resources“, emphasized the OPEC Secretary General.
He recalled that OPEC's review of the oil market for 2025 has been published. “According to this document by 2050, investments of 2.3 trillion USD will be needed. This means that approximately 700 million USD should be spent annually on oil production, refining and transportation“, said Haitham al-Ghais.
The news was published on the basis of an information exchange agreement between Fakti.bg and Kazinform