MOSCOW, October 15, 2025 — The Organization of the Petroleum Exporting Countries (OPEC) has reiterated its call for stronger global investment in oil and gas, warning that underinvestment could threaten future energy stability and affordability.
Speaking at the Russian Energy Week conference in Moscow, OPEC Secretary General Haitham Al Ghais emphasized that fossil fuels will continue to play a vital role in meeting global energy demand for decades to come.
“A growing economy, population growth and urbanization all lead to one clear signal — the world will need much more energy than it is consuming today,” Al Ghais said.
Oil to Remain a Key Part of Global Energy Mix
Despite accelerating investments in renewables, Al Ghais said oil will still account for roughly 30% of the global energy mix by 2050, reaffirming OPEC’s belief in the long-term relevance of hydrocarbons.
He predicted a 23% rise in primary energy demand by mid-century, driven largely by emerging markets in Asia, Africa, and the Middle East.
“Yes, it’s a turbulent world and a lot is going on, but one constant remains — our ability to focus on solid, technical, and detailed analysis rather than the noise around us,” he added, defending OPEC’s methodology in energy forecasting.
OPEC’s Forecast Diverges from IEA’s Energy Outlook
OPEC’s demand outlook contrasts sharply with projections from the International Energy Agency (IEA), which anticipates peak oil demand as early as 2029. The IEA has also forecast a potential supply glut of up to 4 million barrels per day (bpd) by 2026, fueled by rapid advances in clean energy technologies and declining fossil fuel consumption in advanced economies.
However, OPEC maintains that energy transition policies have been uneven and underfunded, particularly in developing nations where economic growth and industrialization continue to depend heavily on fossil fuels.
“We cannot ignore the fact that billions of people in developing countries still lack access to reliable, affordable energy,” Al Ghais said, calling for a “realistic, inclusive” energy transition that accommodates all fuel types.
OPEC+ Increases Oil Supply Amid Price Pressure
Al Ghais’s remarks came as OPEC+, the alliance that includes OPEC members, Russia, and other producing nations, announced a faster unwinding of output cuts introduced during the pandemic.
The additional crude supply has added downward pressure on global oil prices, which have fallen amid concerns about a potential oversupply and slowing global economic growth.
Industry analysts say OPEC+ faces a delicate balancing act between supporting prices and maintaining market share, particularly as U.S. shale production and non-OPEC output continue to rise.
The Investment Gap in Oil and Gas
OPEC has repeatedly warned of an investment gap in oil exploration and production. The organization estimates that global energy investments need to exceed $12 trillion by 2045 to meet rising demand and replace natural decline in existing oil fields.
According to Al Ghais, chronic underinvestment — driven by environmental pressures, divestment campaigns, and regulatory uncertainty — could trigger future energy shortages and price volatility.
“Energy security, affordability, and sustainability must go hand in hand. We cannot sacrifice one pillar for another,” Al Ghais said.
Balancing Energy Security and Climate Goals
While OPEC supports emissions reduction efforts, it argues that oil and gas will remain essential to the global economy even as renewables grow. The organization advocates for the use of carbon capture, hydrogen technologies, and cleaner production methods to reduce emissions without jeopardizing supply.
The OPEC Secretary General’s remarks underscore the ongoing tension between energy transition goals and economic realities, as oil-producing nations push back against what they view as unrealistic timelines for phasing out fossil fuels.
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