Oil and gas industry needs $4.3tn in investments by 2030: IEF

RIYADH: The oil and gas industry will need cumulative investments worth $4.3 trillion from 2025 to 2030 to meet growing demand and maintain market stability, according to an analysis. 

In its latest report, the International Energy Forum said that the increasing capital expenditure needs are based on an outlook that sees demand for oil rising from 103 million barrels per day in 2023 to 110 million bpd in 2030. 

“More investment in new oil and gas supply is needed to meet growing demand and maintain energy market stability, which is the foundation of global economic and social wellbeing,” said Joseph McMonigle, secretary general of the IEF. 

He added: “Well-supplied and stable energy markets are critical to making progress on climate because the alternative is high prices and volatility, which undermines public support for the transition as we have seen in the past two years.”