Kuwait city: Necessary investments in the oil sector until 2040 will amount to USD 10.6 trillion, said an OPEC report on Thursday. In the new annual report 2025 World Oil Outlook (WOO), OPEC Secretary General Haitham Al-Ghais highlighted the requirement for around USD 18.2 trillion in investments until 2050 to ensure market stability and meet the demand of both developing and developed world countries.
According to Kuwait News Agency, Al-Ghais emphasized the significance of reducing the impact of emissions and reinforcing efforts for low carbon emission solutions. He noted the increasing interest in capturing and storing carbon emissions as part of the circular economy policy. Achieving energy security and climate goals necessitates balanced policies covering all sources of energy and technology in a transparent and cooperative manner.
Al-Ghais indicated that the report serves as a vital reference for decision-makers and experts to address future challenges and ensure a solid and proactive global economic performance. The annual report, which provides an outlook on the industry until 2040, forecasts an increase in oil demand led by non-members of the Organization for Economic Cooperation and Development (OECD), particularly from Asia, possibly China, with an average increase of USD 21.4 million barrels per day (bpd) in 2040.
The report also suggests that the petrochemical and aviation sectors will be the primary drivers of increased oil demand, in contrast to demand stability and a decrease in use by industrial states. The WOO addresses other climate, geopolitical, and technical aspects, pointing to increased production beyond OPEC, especially US Shale oil, which is expected to peak mid-decade before declining and allowing traditional producers to dominate the market.
Despite rapid policies promoting renewable energy resources, oil is projected to remain a main driver for global energy. The OPEC9 Seminar, which includes participation from Kuwaiti Minister of Oil Tareq Al-Roumi, will continue later on Thursday. The event features oil and energy ministers from OPEC and beyond, alongside oil and natural gas tycoons, energy experts, and decision-makers.