Haitham al-Ghais, the secretary-general of OPEC, stated at the Global Energy Show in Calgary that global oil demand will continue to rise for decades, necessitating $17.4 trillion US in investment over 25 years. He criticized net-zero targets as 'unrealistic' and 'detached from reality,' advocating instead for a focus on reducing emissions while utilizing all energy forms to meet growing population needs. His remarks come as oil prices are sagging and global consumption growth is weak.
OPEC boss slams net-zero targets, promotes big future for oil in Calgary speech
AlbertaCalgaryCanadaOPECHaitham al-GhaisJim BurkhardBusinessGas pricesEnergy industryOil and gas industry
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TL;DR: Key points with love ❤️Haitham al-Ghais, the secretary-general of OPEC, stated at the Global Energy Show in Calgary that global oil demand will continue to rise for decades, necessitating $17.4 trillion US in investment over 25 years. He criticized net-zero targets as 'unrealistic' and 'detached from reality,' advocating instead for a focus on reducing emissions while utilizing all energy forms to meet growing population needs. His remarks come as oil prices are sagging and global consumption growth is weak.
Trending- 1 Tuesday [June 10, 2025]: Haitham al-Ghais delivered speech at Global Energy Show in Calgary.
- 2 Last month [May 2025]: OPEC countries agreed to raise output by 411,000 barrels a day in June.
- 3 2024: Emissions from the energy sector grew by 0.8% compared to 2023.
- 4 Later this year: S&P Global Commodity Insights anticipates oil prices could fall into the high-$40s per barrel.
- 5 2030: Canada's federal government is on pace to miss its target to cut carbon emissions.
- 6 2050: Primary energy demand is forecast to rise by 24%.
- Reinforcement of OPEC's stance on future oil demand
- Potential for continued debate on energy transition policies
- Implications for global energy investment and climate targets
What: OPEC Secretary-General Haitham al-Ghais delivered a speech at the Global Energy Show in Calgary, asserting that global oil demand will continue to rise for decades and criticizing net-zero targets as unrealistic.
When: Tuesday (speech delivered); recent days (North American oil prices); later this year (prices could fall further); 2050 (primary energy demand forecast); 25 years (investment need); 2024 (emissions from energy sector grew); 2023 (emissions compared to); 2030 (Canada's target); 2005 (Canada's baseline).
Where: Calgary, Alberta, Canada.
Why: To advocate for continued investment in the oil industry to meet rising global energy demand, and to challenge the feasibility and realism of current net-zero targets.
How: By delivering a speech at the Global Energy Show, presenting forecasts for rising oil demand, and criticizing net-zero policies.