OPEC Secretary General Haitham Al Ghais said on Saturday that projections indicate oil output from OPEC+ under the leadership of OPEC members will increase to around 64 million barrels per day by 2050 from 49 million bpd.
Speaking at the Baghdad International Energy Forum, Al-Ghais said that increasing production will be aimed at stabilizing oil markets, while noting that demand for oil will increase in the coming period.
"The organization remains committed to working towards a sustainable energy future that balances development needs with environmental protection,” he stressed.
"It is important to understand that the future of energy varies with time and place. History has taught us that progress in energy does not mean elimination."
Al-Ghais also noted that abandoning oil and gas is “unrealistic.”
“Oil is the global lifeline and the backbone of food supply," he said, explaining that OPEC’s estimates indicate that oil demand will continue to rise.
Iraqi Prime Minister Mohammed Shia Al-Sudani said in his speech at the forum that Iraq hopes other oil-producing countries will reconsider its export quota to better reflect its production capacity.
Al-Sudani also pointed to arrangements being made to facilitate the entry of major oil companies into the country.
He added that Iraqi oil will continue to supply global markets for more than 120 years at the very least, "despite the fact that our export quota does not reflect the size of our reserves, production capacity, or population size."
He also stressed "Iraq’s openness to welcoming oil companies interested in investing in oil and gas."
