Global oil demand is expected to reach around 123 million barrels per day by 2050, with oil maintaining the largest share of the global energy mix at approximately 30 percent, said Haitham Al Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC).

Speaking at a conference in Kuwait, he emphasised that meeting this growing demand will require substantial investments, estimated at about $18.2 trillion by 2050, to ensure adequate production capacity and sustainable energy supply, said a Saudi Press Agency report.

Al Ghais noted that demand for all types of fuel is projected to continue increasing through 2050 and beyond.

He attributed this projected growth to population expansion, economic development, rapid urbanisation, and the rise of new energy-intensive industries.