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There is no oil demand peak on the horizon, the head of the Organization of Petroleum Exporting Countries says, taking aim at a “flip-flop” in policy from the International Energy Agency, which he says has undercut crucial investments in the oil and gas sector.
Haitham al-Ghais, the secretary-general of OPEC, said Tuesday at the Global Energy Show in Calgary that the group projects global oil demand will surpass 120 million barrels a day by 2050. “In our long-term projections, we see the forecast that global primary energy demand is going to increase by a staggering 44 per cent from now to 2050,” he said.
“Our forecasts are not based on ideology. They are based on data and analysis of data, and they clearly indicate that oil would remain an integral part of the energy mix at around 30 per cent still in 2050,” he said. Meeting that ever-rising demand will only be possible with adequate, timely and necessary investments in the oil industry, he said.
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