Posted 10/9/2023, 12:33:16 PM
OPEC: $14 Trillion Needed in Oil Investments by 2045 to Meet Rising Demand and Prevent Energy Crisis
- OPEC says world needs $14 trillion in oil investments by 2045 for market stability, majority for upstream
- Calls to halt new oil projects are "misguided" and could lead to energy chaos, OPEC chief warns
- Annual upstream investments need to average $480 billion through 2045
- OPEC raises its 2045 oil demand outlook by 6 million bpd to 116 million bpd
- This year upstream spending set to rise 13% but will just return to pre-pandemic level of $360 billion
