OPEC Foresees Hydrocarbon Demand Peak 2030
OPEC’s Secretary General, Haitham Al Ghais has predicted that the demand for hydrocarbons globally is projected to peak by 2030, despite calls to discontinue investment in the energy sector.
Addressing the 2024 Nigerian Oil and Gas (NOG) conference virtually Tuesday, Al Ghais reiterated that those seeking stoppage of investment in hydrocarbon “have lost touch with reality because governments and companies are already reviewing the energy transition strategies and timeliness” .
Contributing to the theme of the conference titled “Showcasing Opportunities, Driving Investment, Meeting Energy Demand, the OPEC scribe said, “the rush to adopt “Net-Zero” strategies was misguided and simply not realistic.
Al Ghais urged developing countries to continue to balance priorities between developing their national economies and addressing climate change.
He said in this regard, OPEC and its member countries must continue to advocate for a balanced and fair process for adaptation, mitigation and the means of implementation, particularly concerning climate finance and technology.
The Secretary-General said this is crucial for Africa to ensure its unique circumstances are respected and taken into consideration.
Al Ghais noted that it is an unfortunate fact that there are an estimated 675 million people with no access to basic forms of energy and 2.3 billion without access to clean cooking fuels.
He charged that world leaders must unite and advocate for the necessary support and resources to make a difference in addressing this important matter.
The OPEC boss said the cartel sees a bright future ahead for energy, with significant opportunities for robust long-term growth.
“Oil and gas” he emphasized “will remain the predominant fuels in the energy mix. In fact, oil alone will retain its share at almost 30% in 2045 as world demand for oil soars to an estimated 116 mb/d by that time”.