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Al-Ghais: Oil Will Maintain 30% Share of Global Energy Mix Until 2050
Haitham Al-Ghais, Secretary General of OPEC, stated that oil will continue to play a pivotal role in the global energy mix, accounting for 30% of the energy mix until 2050, despite the significant shift towards sustainable energy.
Speaking at an energy conference in Russia, Al-Ghais explained his projection by stating that the world will require 23% more energy than current levels by mid-century, driven by continued economic growth and increasing urbanization. This will bolster demand for both traditional and alternative energy sources.
He added that the global economy is expanding rapidly and is expected to double in size by 2050, placing additional pressure on the energy sector and necessitating increased investment to ensure security of supply and market stability.
It is worth noting that OPEC estimates oil demand will grow by approximately 1.4 million barrels per day next year 2026, while the International Energy Agency (IEA) projects demand growth of only 710,000 barrels per day by 2026.
Al-Ghais asserts that OPEC’s estimates are more accurate because they avoid ideological and political biases in their market analyses, focusing instead on reliable facts and data.
