They indicated that oil’s role in energy supply security is an important factor to consider.

OPEC, which represents nearly a third of the world’s oil supply, consistently maintains that crude oil demand will continue to rise for decades.

This view conflicts with forecasts, such as those of the International Energy Agency, that demand will soon peak.

OPEC Secretary General Haitham al-Ghais said that economic growth, population growth, and urbanization provide a clear signal that the world will need much more energy than it currently consumes.

Speaking at the Russian Energy Week conference in Moscow, he predicted that oil will still account for around 30% of the global energy mix in 2050, and forecast primary energy demand to grow by 23% by then.

abo/arm/mem/rfc