OPEC Expects Demand to Reach Pre-pandemic Levels

OPEC Expects Demand to Reach Pre-pandemic Levels

OPEC Secretary General Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day.

Demand is projected to further rise to 110 million barrels per day by 2025, he said.

“OPEC remains committed to supporting oil market stability,” Al Ghais said in a speech at the Egypt Petroleum Show.

OPEC’s Al-Ghais said the oil industry had been “plagued by several years of chronic underinvestment.” It needs $500 billion of investment annually until 2045, he said.

He added that investment in energy security is essential in economic activity and the cornerstone of the stability of energy markets.

“It is imperative that all parties involved in the ongoing climate negotiations pause for a moment; look at the big picture,” Ghais said on Sunday at an energy conference in Cairo.

They must “work towards an energy transition that is orderly, inclusive and helps ensure energy security for all”.

OPEC's top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair”.

His comments came amid a shift among some Western governments and companies regarding fossil fuels.

Prices for oil, natural gas, and