OPEC Secretary General: there is no peak in oil demand on the horizon
More than $17.4 trillion is needed in capital investment in the oil sector over the next 25 years to avoid market volatility as oil demand continues to rise with no peak expected through 2050, His Excellency Haitham Al Ghais, OPEC Secretary General, told the Global Energy Show Canada in a keynote address on Tuesday.
In a powerful speech on the opening day of North America’s leading annual energy event in Calgary, HE Al Ghais warned that insufficient investment in oil and gas threatens global energy security, and cited OPEC’s forecast for a 24% increase in global energy demand by 2050, with oil consumption expected to surpass 120 million barrels per day.
Oil an integral part of the energy mix
“OPEC’s forecasts are not based on ideology. They are based on data and analysis of data, and they clearly indicate that oil will remain an integral part of the energy mix at around 30% still in 2050,” HE Al Ghais told the packed auditorium at BMO Centre in Calgary.
“Simply put, ladies and gentlemen, there is no peak in oil demand on the horizon. The fact that oil demand keeps rising, hitting new records year on year is a clear example of what I'm saying. In fact, our projections are that oil demand will go and surpass 120 million barrels a day by 2050. And meeting this ever-rising demand will only be possible with adequate and timely and necessary investments in the oil industry,” HE Al Ghais said.
"OPEC has been consistent in repeatedly stating that inadequate investments in our industry is a dangerous matter. It undermines energy security and market stability and causes heightened volatility all around the world which affects producers but not only producers. More importantly, it actually affects consumers and of course the wider global economy."
- His Excellency Haitham Al Ghais, OPEC Secretary General
According to the OPEC Secretary General, cumulative investment in the oil industry amounting to $17.4 trillion is needed between now until at least 2050 – which translates into $640 billion required per year.
“OPEC has been consistent in repeatedly stating that inadequate investments in our industry is a dangerous matter. It undermines energy security and market stability and causes heightened volatility all around the world which affects producers but not only producers. More importantly, it actually affects consumers and of course the wider global economy,” HE Al Ghais said.
Expressing his appreciation for representing OPEC at the 2025 Global Energy Show Canada, the OPEC Secretary General highlighted the historic commonalities between Alberta and OPEC, including the commitment to dialogue as an effective mechanism for addressing the industry's challenges and opportunities.
Alberta’s energy leadership
“OPEC really values dialogue because we are acutely conscious of the important role that other major producers around the world including Alberta play in the international oil market and in the industry. We admire what has been achieved in Alberta. As a result of this, Canada has become a major global oil supplier,” HE Al Ghais said.
He also cited Alberta’s remarkable progress in energy technology and innovation. “The success in Alberta of developing techniques that separate bitumen from the sand, clay, and water is testimony to technologies game changing potential. This breakthrough transformed the commercial viability of the oil sands. Innovation will be critical in assisting this industry in reducing greenhouse gas emissions going forward. Canada has been at the forefront of carbon capture utilisation and storage and there are worldclass research and testing facilities in many parts of Canada including here in Alberta,” HE Al Ghais said.
Another area of common interest, he said, was the appreciation of the wider economic and societal benefits of the oil industry. “We are conscious of the oil industry's impact on the global economy, its value to regional economies, its support for national development all around the world, and its role as a key employer of millions of people around the world,” HE Al Ghais said.
All-inclusive energy future
Highlighting that there is no one-size fits-all solution to addressing climate change, and reiterating OPEC’s approach to energy future as “an all-inclusive, all technologies, all energies and all people's energy future,” the OPEC Secretary General also underscored the vital importance of carbon capture, utilisation and storage (CCUS) in tackling the challenge of emissions.
“OPEC member countries also recognise the importance of investing in renewable sources of energy … We do this because we know that energy sources are not locked in a zero-sum competition. Rather, as the Mayor said, we recognize that all forms of energy will be needed to meet future demand and growth,” he said.
The OPEC Secretary General’s keynote address was a part of ‘The Conversation’, an executive conference hosted by renowned broadcaster Peter Mansbridge.
Appreciation for Global Energy Show Canada
Organised by dmg events, Global Energy Show Canada is taking place from 10-12 June at Calgary's BMO Centre, bringing together industry titans, policy makers, and government officials from across Canada and internationally. Hosting five halls of exhibition space, two conferences and an awards gala, Global Energy Show Canada fosters innovation, leadership and synergy between all energy verticals within three packed days.
On his first visit to Calgary, the OPEC Secretary General expressed his sincere appreciation to Alberta Premier Honourable Danielle Smith, and dmg events for organising what he said was a “wonderful event”.
“It's a great pleasure to be able to address the industry here… I'd like to thank the organisers, dmg events, and all the amazing people who were involved in producing this wonderful event,” HE Al Ghais said.
Taking place just before the G7 Summit amid heightened global focus on energy security, affordability, and infrastructure investment, Global Energy Show Canada this year brings Calgary at the centre of crucial conversations about the future of global energy.
