Heitham Al-Ghais, Secretary-General of OPEC, stated that oil will continue to play a central role in the global energy mix, maintaining a share of around 30% until 2050, despite rapid changes in the energy sector and global efforts to shift toward more sustainable sources.
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Speaking at an energy conference in Russia, Al-Ghais explained that the world’s energy needs are expected to increase by 23% compared to current levels by mid-century, driven by continued economic growth and accelerating urbanization. This trend will boost 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 requiring further investment to ensure supply security and market stability.
While OPEC forecasts oil demand growth of about 1.4 million barrels per day next year, the International Energy Agency (IEA) expects demand to rise by approximately 710,000 barrels per day in 2026.
Al-Ghais emphasized that OPEC’s market analyses are based on facts and raw data rather than ideology or politics, which has enabled the organization to achieve greater accuracy in its assessments.
