Haitham al-Ghais, OPEC's secretary-general, declared that global oil demand will continue to surge for decades, necessitating over $17 trillion in investments to meet projected consumption, which is expected to exceed 120 million barrels per day by 2050. His remarks at the Global Energy Show in Calgary emphasized that there is no expected peak in oil demand, while praising Alberta's oil sector for its advancements. Despite recognizing climate concerns, he critiqued net-zero targets as unrealistic, advocating instead for a pragmatic approach to energy and emissions reduction.
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.
Meeting this ever-rising demand will only be possible with adequate and timely and necessary investments in the oil industry.
I praise Alberta's oil and gas industry for its ability to grow production, its technological improvements, and its role as a leader in developing carbon capture and storage facilities.
I believe net-zero targets are unrealistic, fixated on deadlines, and detached from reality; we should focus on reducing emissions using all forms of energy.
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