OPEC predicts a 2030 23 million bpd oil shortage without $17.4 trillion investment.

The Organisation of the Petroleum Exporting Countries (OPEC) has projected a potential shortfall of 23 million barrels per day (bpd) in global oil supply by 2030 if upstream investments fall short of the estimated $17.4 trillion needed to meet future demand.

OPEC Secretary-General, Haitham Al Ghais, made this disclosure during the 24th Nigeria Oil and Gas (NOG) Energy Week Conference and Exhibition on Tuesday in Abuja.

Al Ghais noted that meeting the world’s growing energy needs by 2050 will require sustained and large-scale investment across the oil sector, as outlined in OPEC’s long-term projections.
The Organisation of Petroleum Exporting Countries (OPEC) says its research estimates a huge oil market deficit of 23 million barrels per day (bpd) by 2030, if investment in the global upstream industry stops.

“OPEC also said that global cumulative oil-related investments of 17.4 trillion dollars are required by 2050 to meet the energy demand.”

It added, “Al Ghais said that to meet the world’s growing need for energy, investment levels in all energies must increase significantly. He said OPEC’s World Oil Outlook saw global primary energy demand growing by 23 per cent between now and 2050.”

He noted that global energy consumption is expected to increase by 23% between now and 2050, driven by factors such as population growth, rapid urbanisation, and economic development.

Source: Nairametrics.com

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