2024-03-27 17:47:53
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, expected that oil would continue to play an important and vital role in global energy markets over the coming decades, saying that calls to abandon oil are false and unrealistic.
Al-Ghais warned in an interview with the Kuwait News Agency, on Sunday, of the serious risks that the world could suffer if oil production were to stop or its use was stopped, noting that it “constitutes about 31% of the global energy mix.”
He explained that the factors of the abundance of oil, the ease of extracting, refining and transporting it, and its availability at reasonable prices crystallized the important role of oil “until it has become a major element on which the global economy is based and has become an integral part of our daily lives on which we depend because its supplies are guaranteed and its production continues.”
Al-Ghais expected the size of the global economy to double by 2045, which confirms the world’s need for all available energy sources, as demand for energy is expected to rise by 23% and global demand for oil will reach 116 million barrels per day by 2045.
He pointed out that there is another scenario in OPEC’s forecasts, which states that global demand for oil could reach the level of 120 million barrels per day by 2045, stressing that sufficient investments must be secured to provide these enormous levels of demand for energy and oil.
He added, “To secure the necessary supplies of oil, about 14 trillion dollars must be pumped to be invested in various oil industry activities by 2045. This enhances energy security and also helps in developing the technologies required to reduce emissions.”
Last updated: March 24, 2024 – 16:39
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2024-03-27 17:47:53