Industry analyst Anas Alhajji;
More than 200,000 people are attending ADIPEC this year. The expo is the largest energy expo on earth. It would take a person two days to go through it. The large presence of Russian and Chinese companies is noticeable.
The most important takeaways are these:
∙ There is no energy transition, only energy addition
∙ Energy reinforcement, not replacement.
∙ Demand for oil will continue to grow
∙ OPEC: Investment of $18.2 billion is needed to meet oil demand by 2050.
∙ Innovation is more important than regulation
∙ AI is changing the energy industry
More from AOIPEC: U.S. Secretary Doug Burgum Defends Fossil Fuels, Challenges “Energy Transition” Narrative
“OPEC: Investment of $18.2 billion is needed to meet oil demand by 2050.”
That number can’t be right.
The US oil/gas Industry alone spent $292.1 billion on CAPEX in 2024.
I wondered if that was a typo, too. He’s a good follow tho.
When I lived in Europe, I noticed that many (most?) Europeans say “billion” meaning a million million, i.e. an American trillion. This sometimes causes confusion between Europeans and North Americans.
And to express one billion they say one thousand million.