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 鈥渁 huge and staggering number,鈥� 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. 

鈥淪harp fluctuations make it difficult for anyone to predict a deficit or surplus in production for this year,鈥� he explained. 

The official said: 鈥淚t鈥檚 too early to say we鈥檙e in a recession.鈥�

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