• OPEC and GECF expect rising demand to outpace investment
• Oil and gas sectors require trillions in long-term financing
• Groups say hydrocarbons will remain central to the global energy mix

The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) warn of growing pressure on global supply. Their alert was issued during the sixth OPEC-GECF Energy Dialogue held in Vienna on Friday, November 14.

The two organizations note that rising global demand, combined with what they consider insufficient investment, could weaken energy security in the coming years. They call for more regular and long-term financial commitments to avoid additional strain on existing capacity.

According to OPEC’s World Oil Outlook 2023, global primary energy demand is expected to grow by more than 23% by 2045. The GECF’s Global Gas Outlook 2050 projects an increase of more than 30% in global natural gas demand.

OPEC estimates that the oil sector will need more than $12 trillion in cumulative investment by 2045. The GECF, for its part, expects gas industry financing needs to exceed $11 trillion by 2050, according to its Global Gas Outlook 2050.

Both institutions state that energy security depends on steady investment in production, transport, and processing, as their scenarios show demand growing faster than new capacity additions. They identify this gap as a potential source of imbalance in the global energy market.

They also emphasize that hydrocarbons will remain central to the global energy mix, especially in sectors where replacing them with electricity or clean energy remains challenging. According to the International Energy Agency, oil and gas still accounted for more than half of global primary energy consumption in 2022, as reported in the World Energy Balances 2023.