OPEC champions developing countries’ usage of natural resources to bridge energy gap

The Organisation of the Petroleum Exporting Countries (OPEC) has said that developing countries must be allowed to utilise their natural resources to benefit their economies and people.

The Secretary General of OPEC, Haitham Al Ghais, made this statement while delivering his keynote address at the ongoing 24th Nigeria Oil and Gas (NOG) Energy Week Conference. He noted that most of these developing countries are still grappling with energy poverty and limited access to finance.

Speaking on the conference’s theme titled, “Accelerating Global Energy Progress Through Investment, Partnerships and Innovation,” Al Ghais, who spoke virtually, said the population growth in these countries raises significant concerns regarding energy resources and access.

He stated, “OPEC’s World Oil Outlook sees global primary energy demand growing by 23% between now and 2050. This will be driven by many factors, but in the interest of brevity, I will consider demographics, urbanisation, and economic growth.

“The global population is expected to rise from around 8.2 billion people in 2024 to almost 9.7 billion by 2050. This growth will be concentrated almost entirely in the non-OECD region.”

The OPEC scribe said demographics, urbanisation, and economic growth have clearly shown that global energy progress will require all energy sources, especially hydrocarbons.

“OPEC’s World Oil Outlook expects oil to retain the largest share of the energy mix in 2050, at almost 30%, while oil and gas combined are expected to remain above 50% between 2024 and 2050.

“Given these trends, there has thankfully been a marked shift in global energy discussions over the past year or so. Policymakers and the media are once again increasingly recognising the need to deliver energy security and affordability alongside emissions reductions.

“Crucially, developing countries, many of which still face energy poverty and limited access to finance, must be allowed to utilise their natural resources to benefit their economies and people,” Al Ghais added.

He further emphasised that investment is crucial to meeting the world’s rising energy demands, noting that oil industry investments of US$17.4 trillion are required by 2050.

The OPEC Secretary General also thanked President Bola Ahmed Tinubu and commended Nigeria’s resolute commitment to OPEC, as well as the crucial role played by the country in supporting the Organisation’s common objectives and championing sustainable market stability.

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