The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Kuwaiti Haitham al Ghais, defended in Brazil a strategy that supports all energy sources and stated that achieving this requires "adequate" investment over many decades.
"OPEC continues to advocate for a strategy that supports all energy sources and all energies to provide fair and balanced energy pathways for all people in the world," he said during his speech at the opening of an oil congress in Rio de Janeiro.
In this regard, he stated that this means combining energy security, energy accessibility, and emissions reduction, a task that "requires adequate investments today, tomorrow, and for many decades."
The OPEC representative spoke during the inauguration of the Rio, Oil, Gas, and Energy (ROG-e) congress, which this week will gather more than 70,000 people from around the world in the Brazilian city, including top executives from multinational companies in the sector.
Al Ghais is presenting the 2024 World Oil Market Outlook report at the event, offering a long-term perspective on the global oil market.
In the previous report, presented in 2023 in Riyadh, OPEC predicted that global energy demand would grow by 23% by 2045, reaching a total of 359 million barrels of oil equivalent per day.
It also forecasted that oil consumption would continue to rise until at least 2045, reaching around 106 million barrels per day, 6% more than in 2023.
