VIENNA, July 10 (KUNA) -- OPEC Secretary General Haitham Al-Ghais reaffirmed the organization's aspiration for global oil demand, noting a 24 percent increase in overall energy consumption by 2050, driven by population growth and expanding economies.
In a statement to KUNA ahead of day two of the OPEC9 International Seminar in Vienna, Al-Ghais stated that short-term projections points to a 1.3 million barrels per day rise in oil demand this year compared to last year's, supported by a forecasted global growth of 2.9 percent.
Most of this demand increase, he explained, will stem from developing countries due to demographic and economic expansion, stressing that OPEC's forecast are real data and facts.
He announced that the new edition of the World Oil Outlook (WOO) report would be released, Thursday, offering real updated projections through 2050 and highlighting global policy towards conventional energy sources, especially coal, as countries prioritize energy security. He underscored the importance of long-term investment in this sector, estimating over USD 17 trillion in energy investment needs through 2050 to meet rising demand and maintain global market stability, more figures to reveal in the upcoming report. OPEC, he added, remains committed to its role in ensuring reliable, secure energy for sustainable global development. Al-Ghais concluded by thanking Kuwaiti Oil Minister Dr. Talal Al-Roumi for his active participation and CEO of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Saud Al-Sabah, for KPC's prominent presence at the exhibition.
He also extended his gratitude to Kuwait's Ministry of Information, Kuwait Television, and KUNA for their comprehensive coverage as media partners. (end) amg.sar