14:49 - 4.07.2023

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July 4, Fineko/abc.az. The Organization of the Petroleum Exporting Countries (OPEC) has announced that in 20 years the global oil demand will grow to 110 million b/d and global energy demand by 23%, ABC.AZ reports with reference to OPEC Secretary General Haitham Al Ghais.

He stated that dependence on oil will continue in the near future: "We predict that by 2045 the global demand for oil will grow to 110 million b/d. By that time, the share of oil in the global energy balance will be at the level of 29%.

"Al Ghais said that, despite all investments in green energy, dependence on oil will remain: "We estimate that by 2030, half a billion people worldwide will move to cities as a result of ongoing global development. So the world will need more oil."

The OPEC secretary general also shared his views on renewable energy sources. Noting that renewable energy sources will play an important role in the global energy complex in the future, the secretary general noted that some OPEC member countries have already "invested significantly" in this area.