- World economy to double in size to more than $360 trillion by 2050
- Economic growth to be driven by population explosion which is expected to reach 9.7 billion from the current 8 billion
- Urbanization globally to intensify as over 600 million people will move to new cities around the world, including Africa
As Donald Trump’s triumphant return to the historically symbolic White House as the US President-elect for another four years resonates across the length and breadth of the world, OPEC (Organization of Petroleum Exporting Countries) has projected the global oil demand to reach 120.1 million barrels per day (BPD) by 2050, while energy demand will rise 24% during the same period, Secretary General Haitham Al Ghais said.
Delivering a keynote address at the African Energy Week: Invest in African Energies 2024 conference, Al Ghais said that African producers would play a central role in meeting rising demand.
“Demand will be fueled by a world economy that is expected to more than double in size to more than $360 trillion by 2050. Driving this economic growth is the rapidly expanding world population, expected to reach 9.7 billion from the current 8 billion. Urbanization globally will continue to intensify. Over 600 million people are expected to move to new cities around the world, including Africa,” he said.
Al Ghais had drawn insight into OPEC’s recently-launched World Oil Outlook (WOO), the 18th edition which featured a review and assessment of the medium- and long-term prospects for the global oil and energy sectors. The publication took into consideration, Energy Window International analyst gathered, the interplay between energy security, energy affordability and the need to reduce emissions.
For Africa, which faces an energy crisis with over 600 million people lacking access to electricity and over 900 million people lacking access to clean cooking solutions, increasing investment in oil and gas to boast production is not just needed, it is a fundamental requirement, says the OPEC Scribe.
“Oil and gas will remain the predominant fuels in the energy mix. To ensure security of supply to fuel this demand, our industries need to invest and boost investment levels significantly in the years to come,” he explained.
Al Ghais said that “For Africa, the future looks bright. It has an estimated 125 billion barrels of proven reserves of oil. It is vital that African countries develop these resources with access to the necessary funding and technology. This is vital for the economic and social development of the continent and its people.”