OPEC Chief Raises Alarm Over Critical Oil Investment Shortfall

The head of OPEC warns of a "dangerous" lack of investment in the oil industry, stating that at least $12 trillion is needed globally between now and 2045 to prevent a spike in energy prices. Underinvestment in the sector endangers energy security and could lead to increased price volatility as demand grows. The head of OPEC also dismisses the idea that renewables or hydrogen alone can meet future energy requirements, emphasizing the need for stable, affordable, and reliable energy sources. These comments come after the International Energy Agency predicted that global demand for oil, natural gas, and coal is likely to peak by 2030, calling for an immediate halt in spending on new oil and gas projects to achieve zero net emissions by 2050.