OPEC Denies IEA Oil Concerns
OPEC Organization expects strong continued global demand for oil until 2050, with consumption rising to 124.1 million barrels per day, while the International Energy Agency anticipates a decline following the impacts of the Iran war. Member countries of the organization plan to rapidly increase their production to keep pace with the rising demand, especially from Asia and India, while competing countries like the United States' shale oil production are expected to reach their maximum capacity. The OPEC Secretary-General emphasizes that the necessary investments to meet the required demand could reach up to $17.7 trillion between 2026 and 2050.
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