The Organisation of the Petroleum Exporting Countries (OPEC) has warned of a potential global oil supply shortfall of 23 million barrels per day by 2030 unless sustained investments in upstream oil production are made.
Speaking during the 24th Nigeria Oil and Gas (NOG) Energy Week Conference in Abuja on Tuesday, OPEC Secretary-General Haitham Al Ghais stated that the oil sector requires cumulative investments of $17.4 trillion by 2050 to meet rising energy demands. Of this, $14.2 trillion is expected to go toward exploration and production — translating to about $525 billion annually.
Delivering his remarks via a pre-recorded message, Al Ghais said the conference theme, “Accelerating Global Energy Progress Through Investment, Partnership and Innovation,” reflects the urgency of scaling global energy infrastructure.
“With global population expected to rise from 8.2 billion today to 9.7 billion by 2050 and urbanization adding 1.9 billion people to cities, energy demand will surge,” Al Ghais said. “OPEC’s research projects a 23% increase in global energy consumption by 2050.”
Despite ongoing global energy transition efforts, OPEC maintains that oil will continue to play a dominant role in the energy mix — accounting for nearly 30% by mid-century. Together, oil and gas are projected to supply more than half of the world’s energy needs by 2050.
Al Ghais emphasized that while 675 million people still lack electricity and 2.3 billion are without access to clean cooking fuels, hydrocarbons remain essential to addressing energy poverty, especially in developing nations.
He called for increased investment in cleaner, more efficient technologies across the oil and gas value chain, noting that innovation will be key to ensuring sustainable energy development and inclusive economic growth.
