(MENAFN) Even as the globe transitions to renewable energy, the need for oil is going to climb in the medium and long run, and the sector is going to need billions of dollars in investment to keep up with the demand, according to OPEC's 2022 World Oil Outlook released this week.
OPEC Secretary General Haitham Al Ghais claims that, compared to last year's estimate, "the overall investment number for the oil sector is USD12.1 trillion out to 2045."
According to the analysis, global oil consumption would increase by 2.7 million barrels per day (bpd) to 103 million bpd the next year. The group's 2023 forecast for the overall demand was revised upward by 1.4 million bpd for the next year.
According to OPEC, demand is going to be up by roughly two million bpd by the end of the forecast period, which is now extended to 2027. Due to a "strong focus on energy security issues" and a more sustained recovery of the market, the company has changed its projection.
MENAFN07112022000045014146ID1105141190
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.