OPEC Energy Outlook: 23% More Energy Needed, Chronic Underinvestment
OPEC's Secretary General warned that the world will need 23% more primary energy by 2050 and has chronically underinvested across the entire energy supply chain, with current demand growth running at 400K barrels/day.
What we know
OPEC's Secretary General issued a series of warnings: the world requires 23% more primary energy through 2050, that there has been chronic underinvestment in upstream, midstream, and downstream infrastructure, and that oil demand growth this year stands at 400,000 barrels/day. Macro context: Macron separately welcomed an EU-China hybrid car deal.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.