Uche Cecil Izuora
The Organization of the Petroleum Exporting Countries (OPEC), World Oil Outlook 2050 has estimated that $18.2 trillion will be required across the global oil industry.
In a similar projection, the Gas Exporting Countries Forum (GECF) Global Gas Outlook 2050 says that $11.1 trillion will be needed to sustain future gas supply.
Both organizations therefore warned that underinvestment in the sector could harm efforts to achieve energy security.
The projections were major part of conversations during a meeting of the OPEC and GECF Sixth High-Level Meeting at the OPEC Secretariat in Vienna on Friday.
The meeting further strengthened cooperation between the world’s leading oil- and gas-exporting country organizations, noted the record level of oil and gas consumption and the positive prospects, and underscored the pressing need for timely, sustained and long-term investment in hydrocarbons.
Co-chaired by HE Haitham Al Ghais, OPEC Secretary General, and HE Eng. Mohamed Hamel, GECF Secretary General, the meeting reviewed oil and gas market developments, long-term outlooks, energy data collaboration, and joint activities leading up to, and during COP30
HE Al Ghais highlighted the continued growth in global demand for hydrocarbons.
“Global natural gas consumption is on track to rise by 1.6% in 2025, while global oil demand is projected to grow by 1.3 million barrels per day. It is one record after another, year after year.”
HE Al Ghais also noted the long-term prospects for energy demand, with OPEC’s World Oil Outlook projecting that global energy demand will increase by 23% by 2050, with global oil demand reaching 123 mb/d, and the combined share of oil and gas in the global energy mix staying above 50% through to 2050. HE Al Ghais emphasized the importance of oil and gas as affordable and reliable sources of energy in meeting increasing future energy demand.
HE Al Ghais highlighted that innovation is crucial as technology will play a critical role in reducing emissions while meeting the increasing energy demand. HE Al Ghais underscored the importance of adopting a realistic approach to achieve a sustainable energy future.
HE Al Ghais also emphasized the importance of clear, fact-based communication, including to ensure a long-term investment-friendly climate – with sufficient finance available – that works for oil and gas producers and consumers.
HE Eng. Mohamed Hamel underscored that natural gas continues to play a pivotal role in sustainable development, ensuring global energy security and contributing to alleviating energy poverty.
“Natural gas remains the fastest-growing hydrocarbon fuel and an indispensable pillar of future energy systems. It is essential not only for power generation and industrial use but also for providing cleaner cooking, cooling and heating solutions for people around the world,” he stated.
Citing the GECF Global Gas Outlook 2050, he noted that global gas demand is projected to rise by over 32% by 2050, supported by demographic expansion, economic growth, and improvements in standards of living.
HE Eng. Mohamed Hamel also expressed GECF’s concern over certain European Union regulations and directives, including the Methane Emission Regulation (MER), the Corporate Sustainability Due Diligence Directive (CSDDD), and the Carbon Border Adjustment Mechanism (CBAM), underscoring their extraterritorial potentially damaging effects over energy security and global cooperation.
Both organizations cautioned against persistent underinvestment despite the expected long-term demand growth. The GECF Global Gas Outlook 2050 projects that $11.1 trillion will be needed to sustain future gas supply, while OPEC’s World Oil Outlook 2050 estimates that $18.2 trillion will be required across the global oil industry.
OPEC and the GECF have significantly expanded cooperation through technical exchanges, joint research and regular high-level engagement. Today’s meeting further strengthened this partnership and set the stage for enhanced cooperation in 2026.
Details regarding the Seventh High-Level Meeting of the OPEC–GECF Energy Dialogue will be announced in due course.