The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future.
The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives."
Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA.
Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years.
Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons:
Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh
Organizations:
OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent
Locations:
China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana