The demand for oil will still be maintained until 2045 (OPEC)

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The demand for oil will still be maintained until 2045, so Mexico has a lot of capacity to invest in refining, said Haitham Al-Ghais, secretary general of the Organization of the Petroleum Exporting Countries (OPEC).

Leading the keynote conference “World Oil Market” in the Mexican capital, Al-Ghais pointed out that the oil industry will play a very important role in the future, estimating that primary energy demand will grow by 23 percent in 2045.

In this sense, he pointed out that the world economy will double and the global population will go from 8 billion to almost 20 billion inhabitants in the world.

“In other words, all this demand cannot be met with only one source of energy, which is why all energy sources are required to complement it,” said the OPEC secretary general, according to a statement from the Energy Secretariat ( SE) of the Mexican Government.

Al-Ghais also commented that oil will represent 30 percent of the energy mix in 2045, which will represent efforts in crude production by producing countries, including Mexico.

The OPEC representative also projected that 110 million barrels per day will be required in the future, while congratulating Mexico’s investment in the “Olmeca” refinery in Dos Bocas, in Tabasco, southeastern Mexico.

He also maintained that, in a previous dialogue with Andrés Manuel López Obrador, president of Mexico, they spoke about the importance of ensuring self-sufficiency, which is part of achieving energy security.

Al-Ghais recognized Mexico as a critical player for the global oil market.

For his part, López Obrador boasted this Thursday of understanding himself “requetely well” with Al-Ghais, after stating that he received him, along with his entourage, “with great pleasure.”

Rocío Nahle, head of the SE, stated that OPEC’s visit to Mexico, the first since 2016 that the country is an observer member, is due to the role that Mexico has had for 85 years in the oil market.

The Mexican official also highlighted that within OPEC “there is respect for the energy policies designed by each nation.”

OPEC member countries produce almost 42 percent of the world’s crude oil and manage more than 79 percent of the total proven reserves in the world.

Source: El Financiero

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