Organization of the Petroleum Exporting Countries Secretary General Haitham Al Ghais (Photo from WAM)
ABU DHABI – Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), underscored the need for increased investments in the oil industry to meet global energy demands and sustain economic growth.
He said these investments are crucial for ensuring reliable energy supplies for current and future generations.
In a statement to Emirates News Agency (WAM), Al Ghais said, "Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations."
He said the increase in investments in the oil industry comes in light of the increase in global demand for energy, as the upstream sector needs investments estimated at USD11.1 trillion, the downstream sector about USD1.7 trillion, while the midstream sector requires investments of USD1.2 trillion by 2045.
Al Ghais added investments in the energy sector for global energy security and emission reduction is important.
He also cited the role of member states in addressing critical global issues like climate change and energy transition.
Al Ghais further highlighted the organization's active involvement in climate change negotiations, noting member states' belief in its global significance.
OPEC facilitates information exchange and supports members in implementing strategies to reduce emissions, fostering environmentally friendly practices in the oil and energy industry.
Al Ghais said OPEC members consistently announce and implement initiatives to meet ambitious climate goals, aligning with national commitments under the Paris Agreement.
These efforts include innovative projects leveraging diverse natural resources and sector-specific expertise to develop technologies such as carbon capture, utilization, and storage, enhancing sustainability across all facets of the oil industry.
He highlighted investments in oil, hydrogen, and renewable energy by member states.
Al Ghais further cited the importance of oil not just as an energy source but also for materials in renewables and various aspects of daily life.
He said oil is crucial for global economic growth and access to electricity, especially for the 675 million people who currently lack it. (WAM)
