The Organization of the Petroleum Exporting Countries (OPEC) has revealed that keeping pace with global demand for crude oil in the next two decades requires huge annual investments, despite repeated calls for the sector to make greater efforts to reduce greenhouse gas emissions.
OPEC Secretary-General Haitham Al-Ghais explained that investment needs remain large to meet the expected growth in oil demand, as the total cumulative investment requirements between 2024 and 2050 are estimated at about $ 17.4 trillion at a rate of $ 640 billion annually.
The total investment needs in this sector are estimated at $14.2 trillion, and about $525 billion annually. Investment needs in manufacturing and refining are expected to reach $1.9 trillion, and the transportation and storage sector about $1.3 trillion during the same period.
Source (Al-Arab Newspaper of London, Edited)
