The Organisation of the Petroleum Exporting Countries has called for urgent and sustained investment in the global upstream oil sector, warning that a cumulative $14.9tn will be required between 2025 and 2050 to meet projected demand and prevent a future energy crisis.
This investment figure, equivalent to $574bn annually, represents the bulk of the $18.2 trillion in total oil-related investments needed over the 25-year period.
OPEC had projected that $18.2tn investment would be required to meet global oil demand between 2025 and 2050, as it dismissed the notion of a looming peak in fossil fuel consumption as a “fantasy.”
This was revealed in the group’s newly released 2025 World Oil Outlook, which anticipates oil demand rising from 103.7 million barrels per day in 2024 to 116.5 mb/d by 2045 and peaking at around 123 mb/d by 2050, an 18.6 per cent increase over 26 years.
It also noted the need for continued investments in various segments of the sector to meet this demand.
