OPEC secretary-general takes aim at net-zero targets calling them detached from reality [Video]

There’s no peak in global oil demand on the horizon and it will take trillions in investment in the coming decades to meet that need, the secretary-general of the Organization of Petroleum Exporting Countries said Tuesday in an address to the Global Energy Show in Calgary.

Primary energy demand is forecast to rise by 24 per cent between now and 2050, surpassing 120 million barrels a day, said Haitham al-Ghais.

That will require US$17.4 trillion in investment over that time, he added.

“OPEC’s forecasts are not based on ideology. They are based on data and analysis of data, and they clearly indicate that of oil will remain an integral part of the energy mix at around 30 per cent still in 2050,” al-Ghais said.

“Simply put, ladies and gentlemen, there is no peak in oil demand on the horizon.”

Al-Ghais criticized the International Energy Agency for sending mixed signals to industry in recent years — first saying oil should be a …