Kuwait city: Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais disclosed that global oil demand is expected to reach around 123 million barrels per day by 2050, with oil maintaining the largest share of the global energy mix at approximately 30 percent.
According to Saudi Press Agency, Al Ghais, speaking at a conference in Kuwait, noted that demand for all types of fuel is projected to continue increasing through 2050 and beyond. He attributed this growth to population expansion, economic development, rapid urbanization, and the rise of new energy-intensive industries.
He emphasized that meeting this growing demand will require substantial investments, estimated at about $18.2 trillion by 2050, to ensure adequate production capacity and sustainable energy supply.