OPEC Secretary-General Haitham Al-Ghais Calls for Increased Oil Investments as Demand Continues to Grow

OPEC's Secretary-General says the world needs massive energy investments - around $18.2 trillion by 2050 just for oil - as global demand keeps hitting record highs. Speaking at Abu Dhabi's major energy conference, Haitham Al Ghais backed calls for investing in all energy sources, not just renewables, as oil demand could reach 123 million barrels per day by 2050.

Al Ghais made his comments at ADIPEC 2025, where he said the oil industry needs about $700 billion in annual investments through 2050. This money would go toward exploration, drilling, refining, petrochemicals, and logistics operations.

The OPEC chief praised remarks by UAE's Sultan Al Jaber, who leads state oil company ADNOC, saying his data matched what OPEC has been saying for years. Al Jaber had noted that oil production will stay above 100 million barrels daily well past 2040, while OPEC research suggests demand could hit 123 million barrels daily by 2050.

"These aren't just forecasts - they're facts on the ground," Al Ghais said. "We're seeing record oil demand levels every year."

Several factors drive this demand growth. The world's population will grow by about 2 billion people by 2050, mostly in developing countries. The global economy is expected to double in size from current levels due to increased trade and economic activity. New cities keep getting built worldwide.

These trends point to energy demand rising 23% by 2050, with oil demand reaching that 123 million barrel daily mark. For context, current global oil production sits around 100 million barrels per day.

Al Ghais emphasized that the world needs investment in all energy types - fossil fuels, oil, gas, and others - rather than excluding any particular source. This approach reflects growing industry pushback against policies that favor renewables while restricting fossil fuel development.

The ADIPEC conference drew about 200,000 participants this year, including investors, company executives, bankers, international organizations, and government officials. Al Ghais said the growing attendance shows Abu Dhabi's importance as an energy hub.

He noted that discussions at the conference showed a major shift in how the industry talks about energy's future. The focus has moved toward ensuring secure energy supplies and oil deliveries to fuel economic growth, rather than rapid transitions away from fossil fuels.

This messaging aligns with OPEC's long-standing position that oil will remain central to the global energy mix for decades. The organization has consistently pushed back against scenarios that see oil demand peaking soon, instead projecting continued growth driven by developing world consumption.

For energy investors and companies, these projections suggest continued opportunities in oil sector investments, particularly in upstream exploration and production. But they also highlight the scale of capital needed - that $18.2 trillion figure represents one of the largest investment requirements of any global industry.