The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) have renewed calls for substantial and timely global investment in the oil and gas sector, citing record consumption levels and strong long-term demand projections.
They made the call during the 6th High-Level Meeting of the OPEC–GECF Energy Dialogue, held on Friday at the OPEC Secretariat in Vienna.
The gathering brought together the world’s major oil and gas exporting organizations to review market trends, long-term outlooks, energy data collaboration and joint actions ahead of COP30.
Co-chaired by OPEC Secretary General HE Haitham Al Ghais and GECF Secretary General HE Eng. Mohamed Hamel, the meeting reaffirmed the importance of strengthened cooperation between the two organizations.
HE Al Ghais noted that global appetite for hydrocarbons continues to expand.
“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 said.
He added that OPEC’s World Oil Outlook projects a 23% increase in global energy demand by 2050, with oil demand expected to reach 123 million barrels per day and oil and gas jointly retaining more than 50% of the global energy mix through mid-century.
Highlighting affordability and reliability, HE Al Ghais stressed that hydrocarbons will remain central to meeting the world’s growing energy needs. He also emphasized the need for continued innovation.
“Technology will play a critical role in reducing emissions while meeting the increasing energy demand,” he said, further calling for a “realistic approach” to achieving a sustainable energy future.
He underscored the importance of “clear, fact-based communication” to ensure an investment climate that works for both producers and consumers, supported by adequate financing.
GECF’s HE Eng. Mohamed Hamel echoed the call for sustained investment, highlighting natural gas as essential for global development and energy security.
“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 said.
Citing the GECF Global Gas Outlook 2050, he noted that global gas demand is expected to grow by more than 32% by mid-century, driven by population growth, rising incomes and expanding economies.
HE Eng. Hamel also raised concerns about several EU regulations—such as the Methane Emission Regulation (MER), the Corporate Sustainability Due Diligence Directive (CSDDD), and the Carbon Border Adjustment Mechanism (CBAM)—warning that their extraterritorial impacts could negatively affect energy security and international cooperation.
Both organizations cautioned that persistent underinvestment poses significant risks, even as demand projections remain strong. According to the GECF Global Gas Outlook, $11.1 trillion in investment will be required to sustain future gas supply, while OPEC estimates $18.2 trillion will be needed across the oil sector by 2050.
OPEC and GECF have deepened their cooperation in recent years through technical exchanges, joint studies and frequent high-level dialogue. Today’s meeting further solidified this partnership and laid the groundwork for expanded collaboration in 2026.
Details of the Seventh High-Level Meeting of the OPEC–GECF Energy Dialogue will be announced later.
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.