Up to 2040, world oil industry will need more than 10 trillion dollars in investment in order to produce 2 trillion barrels of oil, Secretary General of the Organization of Oil Exporting Countries (OPEC) Abdalla El-Badri said in Tehran. Addressing the 3rd Summit of the Gas Exporting Countries Forum (GECF), El-Badri praised development of the gas forum’s performance over the last decade adding, “Now the time is ripe for boosting cooperation and coordination between OPEC and GECF as two energy organizations.” Referring to growing world population, the OPEC secretary general said it was expected that demand for energy will rise in coming decades. According to Al-Badri, even though the share on renewable energies will be on the rise in coming decades, fossil fuels will account for 50 percent of the energy needs of the world in 2040. Up to 2040, the world needs two trillion cubic meters of gas as well, he added. OPEC will hold its next ministerial meeting on December 4 in Vienna. The 3rd GECF Summit wrapped up on Monday night issuing the Tehran Declaration as well as a message to the UN climate change conference which is going to be held next week in Paris.