On Monday the Organization for Petroleum Exporting Countries, (OPEC) predicted that the worlds oil consumption will continue to rise through 2045, when it forecasts that daily consumption will reach 110 million barrels per day. The cartel maintained that by that time, the fossil fuel will still make up 29% of the global energy market.

In an address to the inaugural Energy Asia conference in the Malaysian capital of Kuala Lumpur, OPEC Secretary General Haitham Al Ghais said, “Oil is irreplaceable for the foreseeable future.”

Al Ghais asserted that as various industries flock to green energy initiatives, underinvestment in the petroleum industry will only lead to more aggressive impediments to the viability of current energy systems, producing “energy chaos.”

The Secretary General went on to note that between now and 2030 it is estimated that an additional 500 million people will move to cities throughout the world as the global economy expands. He continued to predict that would greatly increase the demand for more oil.

Al Ghais admitted that renewables would gradually increase their share of the energy market going forward, noting that there were OPEC member states which were “already investing significantly” in the alternative energy sector.

He clarified, “We see global energy demand increasing by 23% through 2045. Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix.”

The International Energy Agency (IEA) warned earlier this month that it was forecasting an oil shortage, with global demand increasing by 6% between 2022 and 2028, due to increased demand in the petrochemical and aviation sectors. According to its report, roughly 75% of the increase over the six-year time-frame ending in 2028 would arise from Asia, with Indian demand growth surpassing China’s by 2027.