The global oil industry needs some $12.6 trillion in investments through 2045, the secretary-general of OPEC said at a videoconference, adding these investments would be essential for the industry to improve the efficiency of its operations. “The global oil sector will need cumulative investment of $12.6 trillion in the upstream, midstream and downstream through to 2045,” Mohammed Barkindo said, as quoted by Azertac. “At OPEC, we recognize the importance of energy efficiency as a means of reducing greenhouse gas emissions, while allowing for sustainable development. We also believe that dialogue between consumers and producers is critical to improving efficiency.” OPEC earlier this month agreed to start boosting oil production—including the production of its non-OPEC partners in the OPEC+ group—by half a million barrels daily beginning in January. Also this month, however, the cartel revised down its oil demand forecast for 2021. According to its latest Monthly Oil Market Report, […]