Prime Minister Narendra Modi said that India’s own energy demand will double by 2045 to 38 million barrels per day from current 19 million barrels a day.

The global oil market will require an investment of $14 trillion by 2045 to meet the rising energy demand of the world, said Haitham al-Ghais, Secretary General of the Organisation of Petroleum Exporting Countries on Tuesday.

“The demand for oil will continue to rise and there is a need to ensure that supply is maintained,” Ghais said while speaking at the India Energy Week in Goa. He further noted that there will be a rise of 23% in energy requirement of the world from now to 2045.

Earlier during the inaugration of the event, Prime Minister Narendra Modi said that India’s own energy demand will double by 2045 to 38 million barrels per day from current 19 million barrels a day.

The Secretary General also said that oil will continue to maintain its share as a source of energy in the coming years even as the world economies strive to triple their renewable energy capacity as no single source will be able to fuel the growth in world energy demand.

The discussion comes amid the rising uncertainties including the ongoing geopolitical tensions, demand-supply disruptions, and tighter sanctions that have kept global oil market under pressure lately.

“We need to invest (in oil) to be able to ensure the security and reliability of the supply is maintained,” Ghais said. India’s Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that most of the crisis faced during the past few years were ‘self-inflicted’ and ‘policy induced’.

OPEC and energy ministers from Guyana and Qatar also stressed that there is a need to bring renewable energy in oil and gas sector but there still lies a long road ahead in completely phasing out conventional sources.

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