The Director, Research Division of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Ayed Al-Qahtani has disclosed that a cumulative investment of $12.1 trillion would be required by the global oil sector to address future energy needs.
Dr. Al-Qahtani who spoke during a presentation on the World Oil Outlook at at the India Energy Week 2023, said, out of the $12.1 trillion, $9.5 trillion would be in upstream oil.
Dr. Al-Qahtani noted that “all energy forms are needed in the future to address future energy needs and oil will retain the largest share in the energy mix by 2045.”
“The global oil sector will need a cumulative investment of $12.1 trillion through 2045, $9.5 trillion of which will be in upstream oil,” he added.
Dr. Al-Qahtani highlighted that enhanced global cooperation could allow for more coherent and balanced approach to achieving interlinked SDG goals.