With an expected share of 29%, oil will continue to play an important role in the energy mix, notes Secretary General of the Organization of Petroleum Exporting Countries Haitham Al-Ghais at a conference in Cairo, Egypt, according to Bloomberg News.

Demand for primary energy is expected to rise by 25% towards 2045, with oil demand expected to increase to 110 million barrels per day from 100 million barrels per day at present.

”In all honesty, we don’t see any way for a single fuel or energy source to meet that need,” says Al-Ghais:

”When discussing an energy transition, we can’t really transition without enough investments in fossil fuels.”

According to the head of the oil cartel, the global energy sector has labored under a lack of investments in a global economy, which is expected to double in size towards 2045.