The Azerbaijan State News Agency

ECONOMY

Global energy demand to rise 25% by 2045, OPEC forecasts

Global energy demand to rise 25% by 2045, OPEC forecasts

Baku, October 4, AZERTAC

Global demand for all forms of energy is forecast to rise by 25% through 2045, Emirates News Agency (WAM) reported citing Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC).

“By 2045, the world's energy demand is expected to increase by 25% from current levels, as the global population is projected to grow by approximately 1.6 billion people. This indicates that the world will need more energy in the future,” Al Ghais told the Emirates News Agency (WAM) on the sidelines of the now-running ADIPEC 2023.

Al Ghais added, “No single energy source can meet the world's growing needs as the economy expands and the population increases. That's why OPEC supports investment in both oil and renewable energy.

“OPEC will have a dedicated pavilion at the upcoming United Nations Framework Convention on Climate Change (COP28), for the first time, to showcase its work, plans, and support for the transition to a clean energy system and reducing carbon emissions.”

“Despite some setbacks, global growth continues, and we’re optimistic about future oil demand. The global economy is going through different stages, and OPEC will release updated demand forecasts next week,” he continued.

“OPEC is committed to both providing the world with energy and investing in both oil and renewable energy.”

Al Ghais emphasised that several leading countries, notably the UAE, Saudi Arabia, Kuwait, and several African nations, have successfully used technology in the oil industry. “These countries have invested in carbon capture technologies, green hydrogen, and circular economies, and are efficiently working to reduce greenhouse gas emissions.”

He underscored the need for the oil industry to continue contributing solutions to climate change challenges, noting that the UAE is a leading country in reducing carbon emissions and investing in renewable energy.

Al Ghais stated that ADNOC has made significant achievements in reducing carbon emissions, and Masdar has pioneering environmental projects, which are “clear indicators of oil-producing nations' ability to contribute to environmental preservation and emissions reduction.”

OPEC's Secretary-General reiterated his organisation's support for the UAE's hosting of COP28 and said he expects a productive conference to produce results that benefit the world.

Al Ghais emphasised the importance of ADIPEC 2023, which comes just two months before COP28. He noted that ADIPEC has highlighted the oil and gas industry's critical role in the fight against climate change.

Regarding OPEC’s vision to expand its membership base, Al Ghais mentioned that he has visited several countries recently, including Azerbaijan, Mexico, Malaysia, and Brunei, and there is also a plan to visit Russia and Brazil.

"These countries possess significant global oil production and capabilities, and OPEC believes in a policy of dialogue and consultation. Therefore, our doors remain open for any country that wishes to join and adheres to the standards outlined in OPEC's charter," he noted.

“OPEC regularly talks to oil producers in the Americas, including the United States, Canada, the United Kingdom, and Norway, because the oil market is interconnected and ensuring energy security and price stability is everyone's responsibility.”

The OPEC Secretary-General also noted that the dialogue extends to major consumers such as India, China, and the European Union, in line with OPEC's open-door policy for dialogue with all parties.

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