According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations, with India in pole position.
In order to meet this demand OPEC says additional investment in fossil fuel production will be needed, putting the figure at $14 trillion by 2045, or roughly $610 billion per year.
“It is vital that these are made; it is beneficial for both producers and consumers,” said Al Ghais, a Kuwaiti oil executive. “Calls to stop investments in new oil projects are misguided and could lead to energy and economic chaos,” he warned, in criticism aimed at the International Energy Agency , In 2021, the IEA surprised the world and shocked oil exporting nations by calling for a halt in new investment in fossil fuel production to attain carbon neutrality by 2050.
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