OPEC Sec Gen Al Ghais Said Global Energy Demand Forecast to Rise by 23% Through 2045; Said Global Oil Industry Needs $12.1T Investment During the Same Period; Said Not on Track to Reach That Level of Investment
Portfolio Pulse from Charles Gross
OPEC Secretary General Al Ghais has forecasted a 23% rise in global energy demand through 2045. He also stated that the global oil industry would require an investment of $12.1 trillion during the same period, a level that is currently not on track to be reached.
July 11, 2023 | 9:49 am
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POSITIVE IMPACT
The United States Oil Fund (USO) could be impacted by the forecasted rise in global energy demand and the required investment in the oil industry.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. The forecasted rise in global energy demand could lead to an increase in oil prices, which would benefit USO. However, the lack of sufficient investment in the oil industry could potentially lead to supply constraints, which could also drive up oil prices in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75