OPEC leader sees bright lights for oil and gas

KUWAIT CITY, February 7, 2023 – OPEC Secretary-General Haitham Al Ghais has announced a positive forecast for the global oil and gas industry on Monday at the India Energy Week in Bengaluru.

Al Ghais said demand is expected to return due to China dropping its zero-Covid strategy and reopening borders and India pushing for a rise in expected consumption.

He also noted that a possible Covid outbreak was a concern to oil markets.

The leader stressed that a rise in investment was needed in the hydrocarbons sector to meet demand, with an estimated USD 12.1 trillion required by 2045.

According to OPEC, demand for oil is expected to climb to 110 million bpd in 2045, up from 97 million bpd in 2021.

At the same event, Indian Prime Minister Narendra Modi announced that the country was set to up its gas consumption by 500% in the coming years, although no exact target date was set.

The Asian country is working to increase gas in its energy mix from its current 6% to 15% by 2030.

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