2024-08-04 14:56:45
OPEC believes that oil will continue to be the most important component in the development of energy, it does not function in isolation from other sectors of the economy. This opinion was voiced by the Secretary General of the organization, Haitham al-Gais, in the article “Energy balance is not a zero-sum game: oil and electricity grids” on the OPEC website, Day.Az reports with reference to TASS.
Al-Ghais notes that electrification is often portrayed as oil’s main rival. But he says OPEC does not believe that energy is locked into a zero-sum game. “The reality is that oil does not operate in isolation, it is not cut off from other industries,” he says. “On the contrary, oil and oil-derived products are so versatile that they play an indispensable role in other industries.”
In the article, the OPEC Secretary General places special emphasis on the connection between oil and electric power. Thus, he draws attention to the fact that many oil products are used to ensure the transmission of electricity. Al-Ghais said that, for example, the insulating sheaths used to ensure the safety of underground and underwater cables are made from oil products: cross-linked polyethylene, polyvinyl chloride, ethylene and propylene polymers. In addition, transformer oil (oil distillate) is used in transformers, which play an important role in the transmission of electricity, he adds.
“OPEC countries have clear national plans for electrification, which are part of a shared belief that all energy resources will be needed to meet growing demand, reduce emissions, overcome energy poverty and ensure energy security. We believe that oil will continue to be an important component of the future energy path. And this is illustrated by the fact that oil products are necessary for the functioning of industries such as electricity,” the OPEC Secretary General concluded.
Subscribe to our WhatsApp channel and stay up to date with the latest news!