OPEC Chief: Oil To Remain Vital Despite 'Peak Oil' Predictions

(MENAFN- AzerNews) Oil will remain a cornerstone of the global energy system in the decades ahead, with the Organization of the Petroleum Exporting Countries (OPEC) projecting demand to reach 123 million barrels per day by 2050. This outlook is shaped by continued economic growth and rising global population levels.

According to Azernews, citing Report, OPEC Secretary General Haitham al-Ghais highlighted this in an article marking the organisation's 65th anniversary. He stressed:
“Looking to the future, oil will continue to play a vital role. Our latest review, the World Oil Outlook 2025, forecasts that demand could climb to around 123 million barrels daily by 2050. This growth reflects the world's increasing need for energy as economies expand and populations rise. Energy security remains indispensable for all nations - and oil will remain central to that.”

Al-Ghais underscored that billions of people, particularly in developing nations, still face serious energy shortages. For that reason, he said, growth must be addressed through an inclusive and integrated approach that utilises all available energy resources and technologies while balancing social, economic, and environmental needs.

“As it has done since 1960, OPEC continues to follow a pragmatic and balanced strategy to address global energy challenges and opportunities. Stabilising markets remains a priority, alongside identifying sustainable energy pathways for people and nations worldwide,” he said.

He also cautioned against premature claims about the decline of oil's importance or so-called“peak oil” scenarios, noting that OPEC's long experience and current demand projections suggest otherwise.

“OPEC has been - and will continue to be - a guarantor of stability, a key pillar of the global energy industry, and a voice emphasising the indispensable role of oil and petroleum products in the world,” al-Ghais concluded.

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