Global oil demand will continue rising in the next 25 years to reach 120 million barrels per day, which is 24 per cent higher than its current level, according to Haitham El-Ghais, the secretary-general of the Organization of Petroleum Exporting Countries (OPEC).

“Oil will remain an integral part of the energy mix at around 30% still in 2050,” El Ghais said on Tuesday at the Global Energy Show in Canada.

He nwarned that failing to invest enough capital to meet projected demand growth risks undermining energy security and causing volatility for both producers and consumers, according to Reuters. He noted that there is a need for $17.4 trillion in capital investment in the global energy sector over the next 25 years,

OPEC+ has decided to increase its production by 411,000 barrels per day for May, June and July , accelerating the pace of its plan to unwind its output cuts and lifting production. The increases, along with concerns that US President Donald Trump’s trade war will weaken the global economy, have pressured oil prices in recent months.