In a keynote speech at the 2025 Global Energy Show in Calgary, Opec Secretary General Haitham Al Ghais emphasised the critical role of sustained investment in the oil industry.

Stressing that the world is far from reaching "peak oil demand," Al Ghais projected global oil demand to exceed 120 million barrels per day (bpd) by 2050, necessitating $17.4 trillion in cumulative investments.

He cautioned that inconsistent messaging, particularly from the International Energy Agency (IEA), undermines investor confidence in a capital-intensive industry with long development timelines.

Al Ghais applauded Alberta’s oil production achievements — over 4.2 million bpd in 2024 — and Canada’s significant contribution to global reserves, which account for nearly 10% of the world total.

He noted that both Alberta and Opec understand the wide-ranging economic benefits of the oil sector. Beyond direct employment of over eight million people globally, the oil industry sustains diverse businesses and livelihoods, especially in regions like Alberta, where innovation and energy infrastructure play key roles.

A shared appreciation for the indispensable role of oil in daily life was also highlighted. From agriculture and mining to healthcare and even renewable technologies, petroleum-derived products remain integral.

Contrary to calls for a rapid transition away from oil, Al Ghais called for an "inclusive energy future" that acknowledges oil’s continued relevance alongside renewables.

Technological innovation, particularly in carbon capture utilisation and storage (CCUS), was underscored as a vital area of progress. Alberta’s leadership in CCUS was praised as a global model, aligning with similar efforts in Opec member countries.