OPEC Secretary General Haitham Al Ghais called for increased global investment in oil and gas, warning that fossil fuels will remain essential to meeting rising energy needs despite the global shift toward renewables. Speaking at the Russian Energy Week conference, he projected that oil will still account for about 30% of the global energy mix by 2050, with overall energy demand expected to grow 23% by mid-century due to economic growth, urbanization, and population expansion.
Al Ghais stressed that OPEC’s forecasts are grounded in technical analysis, not politics, and that ignoring the role of oil could lead to energy shortages and market instability. “The world will need much more energy than it is consuming today,” he said, emphasizing the organization’s belief that the energy transition must be pragmatic and inclusive.
His comments highlight a clear contrast with the International Energy Agency (IEA), which predicts that global oil demand will peak by 2029 and warns of a potential supply surplus in the coming years. OPEC, however, argues that chronic underinvestment in oil projects could trigger future energy crises and price volatility.
The OPEC+ alliance, which includes Russia and other major producers, has recently begun unwinding production cuts earlier than anticipated, contributing to softer oil prices and raising concerns over potential oversupply. Meanwhile, large importers like China, India, and the European Union are closely monitoring OPEC’s policy shifts due to their direct impact on energy costs and inflation.
Looking ahead, analysts expect OPEC+ to take a cautious approach to output adjustments, balancing the need for price stability with internal cohesion among members. The group’s upcoming ministerial meeting is likely to focus on investment incentives and long-term supply strategies amid ongoing geopolitical and market uncertainties.
If OPEC’s projections hold true, the next decade may see a resurgence of investment in upstream oil projects, particularly in the Middle East and Africa, potentially slowing the pace of the global clean energy transition.