European refining capacity decreased by about 25% over the last 20 years as policies prioritized the energy transition over traditional oil infrastructure. Al Ghais warned that such underinvestment threatens global stability and noted that the upstream sector remains an essential component of energy security during periods of market volatility.
Wednesday, October 21, 2026
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OPEC Estimates $18 Trillion Oil and Gas Investment Need by 2050
Commodities9 days ago
Haitham Al Ghais, the Secretary General of OPEC, stated that global funding for the oil and gas industry has fallen short across upstream, midstream, and downstream operations. The organization estimates that the sector requires approximately $18 trillion in investment through 2050 to address a cumulative shortfall. Al Ghais described Saudi Arabia's East-West Pipeline as a critical insurance policy for energy security as urbanization and artificial intelligence drive higher demand.
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