RIYADH: The oil sector needs $12 trillion worth of investments in the years up to 2045, the secretary-general of the Organization of the Petroleum Exporting Countries told CNBC Arabia. 

It is “a huge and staggering number,” Haitham Al-Ghais added. 

Al-Ghais noted that oil investments have not yet returned to pre-pandemic levels. He said it is difficult to forecast oil markets due to the current global economic conditions. 

“Sharp fluctuations make it difficult for anyone to predict a deficit or surplus in production for this year,” he explained. 

The official said: “It’s too early to say we’re in a recession.”

The organization wants more investments in the energy exploration sector, he said.