LOC18:57
15:57 GMT
VIENNA, July 10 (KUNA) -- Necessary investments in the oil sector until 2040 will amount to USD 10.6 trillion, said an OPEC report on Thursday.
In the new annual report 2025 World Oil Outlook (WOO), OPEC Secretary General Haitham Al-Ghais said that the oil sector required around USD 18.2 trillion in investments until 2050 to ensure market stability and meeting the demand of developing and developed world countries.
He stressed the importance of minimizing the impact of emissions, reinforcing efforts for low carbon emission solutions.
He asserted that an increase interest in capturing and storing carbon emissions as part of the circle economy policy.
Achieving energy security and climate goals required balanced policies covering all sources of energy and technology in a transparent and cooperative spirits, said Al-Ghais, calling for acknowledging facts on the ground when it came to the energy sector.
He indicated that the report would be a vital reference for decision-makers and experts to face future challenges and ensure a solid and proactive global economic performance.
The annual report, which included an outlook on the industry until 2040, predicted an increase in oil demand led by none members of the Organization for Economic Cooperation and Development (OECD) especially from Asia, possibly China, by an average of USD 21.4 million barrels per day (bpd) in 2040.
Petrochemical and aviation sectors would be the main factors in pushing demand for oil in compared to demand stability and decrease in use by industrial states.
The WOO touches on other climate, geopolitical, and technical aspects, pointing to an increase in production from beyond OPEC especially US Shale oil, which will reach its fervor mid-decade before declining and paving the way for traditional producers in the market.
Oil will remain as a main driver for global energy despite rapid policies for renewable energy resources.
The OPEC9 Seminar will included later Thursday. Kuwaiti Minister of Oil Tareq Al-Roumi is partaking in the event alongside oil and energy ministers from OPEC and beyond in addition to oil and natural tycoons, energy experts, and decision-makers. (end)
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