Kuwait city: OPEC Secretary General Haitham Al-Ghais announced that global demand for primary energy is expected to increase by 23 percent, reaching 378 million barrels of oil equivalent per day by 2050. Al-Ghais shared these insights during a lecture focused on the future of energy markets and OPEC's role, held at the Saud Al-Nasser Al-Sabah Diplomatic Institute. The event was attended by prominent figures, including Deputy Foreign Minister Sheikh Jarrah Jaber Al-Ahmad Al-Sabah and KPC CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah.
According to Kuwait News Agency, Al-Ghais emphasized the continued global need for all forms of energy, asserting that oil will remain a crucial energy source, despite ongoing climate concerns. He argued that addressing climate change does not necessitate abandoning oil, but rather investing in technology and emission-reduction strategies, which will be a central topic at the upcoming COP30 in Brazil.
Al-Ghais also pointed out the efforts of OPEC members to reduce emissions through advanced technologies while ensuring energy security and supply stability. He noted that renewable energy currently accounts for only 3 to 4 percent of the global energy mix, in contrast to the 80 percent derived from fossil fuels. He advocated for balanced energy policies, cautioning against dependence on a single energy source. OPEC's forecasts suggest global oil demand could reach 123 million barrels per day by 2050, largely driven by non-OECD countries.
In response to misinformation about fossil fuels, Al-Ghais stated that OPEC is actively working to highlight the central role of oil in the global economy. He reiterated OPEC's commitment to maintaining stable oil markets and coordinating member states' petroleum policies to ensure secure supplies.
Al-Ghais concluded by stressing the importance of international cooperation for a stable global energy future and praised Kuwait's foundational contributions to OPEC. He also acknowledged the Diplomatic Institute's role in training future Kuwaiti diplomats and expressed pride in his early career at the Ministry of Foreign Affairs.