Global oil demand growth is forecast to far outpace the expected rise in non-Opec supplyThe global oil industry will require $14 trillion in investments or about $610 billion annually, until 2045 to meet rising energy demand, Opec secretary-general Haitham Al Ghais said.  The Opec chief, who spoke at India Energy Week in Goa on Tuesday, said global oil demand "will continue to rise and there is a need to ensure that supply is maintained". He estimated that demand would rise between now and 2045 by 23 per cent.Global oil demand growth is forecast to far outpace the expected rise in non-Opec supply over the next two years. The producer group has started charting its course to manage the market ahead. In its closely watched monthly oil market report, Opec estimated the world's thirst for oil to increase 2.25 million barrels per day in 2024 and another 1.8 million b/d in 2025. In June 2023, the International Energy Agency said it expected global oil demand growth to slow significantly by 2028 as high prices and supply concerns hastened the shift to cleaner energy. Based on current policies and market trends, crude demand will rise by 6.0 per cent between 2022 and 2028 to reach 105.7 million bpd, supported by strong demand from the petrochemical and aviation sectors, the Paris-based agency said in its medium-term oil market reportGhais said the twin focus of the Indian government to pursue both fossil fuel growth as well as renewables is the right path to adopt. "The Indian government has said consistently that the future will require all forms of energy, which is a message that Opec fully supports," Ghais said. Given India's future energy needs for its expanding and aspirational population and the fact that Opec member countries provide approximately 60 per cent of India's total crude oil imports, this strategic relationship would continue to be vital in the years and decades ahead, Ghais said. Advertisement (ICE DUBAI)

Fonte notizia: www.khaleejtimes.com/business/oil-industry-requires-14-trilion-investment-as-demand-set-to-soar