No single form of energy can currently meet expected future energy demand; instead, an “all-peoples, all-fuels and all-technologies” approach is required, said OPEC Secretary General Haitham Al Ghais, TurkicWorld reports.
“As such, OPEC member countries are ready, willing and able to provide the affordable energy needed to cater towards these future energy needs, all the while reducing their emissions and helping eradicate energy poverty in doing so. The UN notes that more than 700 million people still lack access to electricity and almost one-third of the global population uses polluting cooking systems. Daily life is not about cars, laptops or air conditioning for these people; it is about basic access to heat and electricity. To provide adequate and affordable universal energy access, and eradicate energy poverty, oil can and will play a key role in developing countries,” reads the article by OPEC Secretary General.
He went on to add that the world’s population is growing. OPEC’s World Oil Outlook (WOO) for 2022 sees it increasing by 1.6 billion people through 2045, while United Nations statistics note growth to around 10.4 billion by 2100.
“In parallel, OPEC’s estimates that global energy demand will increase by 23 percent to 2045. Within this, oil demand is projected to increase to around 110 million barrels a day (mb/d). Thus, it is clear that oil will continue to be an essential part of the global energy infrastructure for decades to come. This is in stark contrast to the many proclamations of past decades that the age of oil was over. Indeed, contemporary demand is close to an all-time high and will rise by close to 5 mb/d in 2023 and 2024,” added Haitham Al Ghais.