• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 30, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

$12.1trn Investment Required To Meet Global Oil Demand – OPEC

by Chika Izuora
3 years ago
in Business
OPEC+
Share on WhatsAppShare on FacebookShare on XTelegram

After raising its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday, the Organisation of the Petroleum Exporting Countries(OPEC), said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

Advertisement

The view from the OPEC, in its 2022 World Oil Outlook, contrasts with that of other forecasters which see oil demand reaching a plateau before 2030 due to the rise of renewable energy and electric cars.

Another decade of oil demand growth would be a boost for OPEC, whose 13 members depend on oil income.

The group has been arguing that oil should be part of the energy transition and that focus by investors on economic, social and governance (ESG) issues has worsened an investment shortfall.

“The overall investment number for the oil sector is $12.1trillion out to 2045,” OPEC’s secretary general, Haitham Al Ghais wrote in the foreword to the report, which said the figure was up from last year’s estimate.

RELATED

Deploying AI Will Not Cause Job Loss In Nigeria – Expert

Expert Introduces Lightweight AI-based System For Early Aviation Failure Detection

14 hours ago
FirstBank Customers Get N93m In ‘Win Big Promo’

FirstBank Launches Facial Recognition On Mobile App

14 hours ago

“However, chronic under investment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centered on ending financing in fossil fuel projects, is a major cause of concern.”

OPEC made a shift in 2020 when the pandemic hit demand, saying it would eventually slow after years of predicting ever-increasing consumption.

port, OPEC maintained its view that world demand will plateau after 2035.

Other predictions from companies and banks see oil demand peaking earlier.

The International Energy Agency(IEA), last Thursday, for the first time in its history of modelling, said demand for all fossil fuels was set to peak, with oil demand levelling off in the middle of the next decade.

The report said world oil demand will reach 103 million barrels per day in 2023, up 2.7 million bpd from 2022. The 2023 total demand is up 1.4 million bpd from last year’s prediction.

OPEC also raised its demand forecasts for the medium term to 2027, saying the figure is up by almost two million bpd by the end of the period from last year.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: OPEC+
SendShareTweetShare
Previous Post

Sanlam, MTN Partner On Insurance Products Distribution

Next Post

As Atiku Moves On Without Wike’s Camp

Chika Izuora

Chika Izuora

You May Like

Deploying AI Will Not Cause Job Loss In Nigeria – Expert
Business

Expert Introduces Lightweight AI-based System For Early Aviation Failure Detection

2025/06/30
FirstBank Customers Get N93m In ‘Win Big Promo’
Business

FirstBank Launches Facial Recognition On Mobile App

2025/06/30
Group To Drive Africa’s Tech-led Industrial Revolution, Offers Tips To Unlock $450bn Intra-African Trade
Business

Group To Drive Africa’s Tech-led Industrial Revolution, Offers Tips To Unlock $450bn Intra-African Trade

2025/06/30
Oilserv Targets December Completion Of 303km As AKK Pipeline Crosses River Niger
Business

Oilserv Targets December Completion Of 303km As AKK Pipeline Crosses River Niger

2025/06/30
Council Targets Accelerated Sugar Project Devt In 2025
Business

Poor Backward Integration Programme Performance To Cost Sugar Firms Import Quotas

2025/06/30
Bbb+ Rating
Business

TAJBank Sustains Industry Feat, Pays 3rd Dividend In 5 Years

2025/06/30
Leadership Conference advertisement

LATEST

Nigeria Is In Our DNA, Says Lucian PM

Speed Darlington Threatens NAPTIP With N2.5bn Lawsuit For Declaring Him Wanted

Pastor, Woman Stripped Naked Over Alleged Infidelity In Edo

Ex-Lawmaker Mashood Mustapha Arraigned For Alleged Defamation Of Kwara Gov

Gwarzo Hails North’s First Clinical Pharmacy Prof, Hadiza Ma’aji, On Professorial Elevation

JUST-IN: Dantata’s Burial Postponed To Tuesday 

Court Jails Cab Driver For Unlawful Trafficking Of 12 Live Parrots

Jega Harps On Modernisation Of Nigeria’s Livestock Sector

Minister Inaugurates 11-man NPA Governing Board

Navy Arrests Suspected Militant With Firearm In Bayelsa

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.