2023-05-22 14:34:01
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, warned today, Monday, of the decline in the volume of global investments in the oil and gas sectors.
Al-Ghais said – during a conference in Dubai – that the lack of investments in the oil and gas sector might cause fluctuations in the markets in the long term and threaten growth, stressing that The fluctuations in the oil and gas markets will be the focus of global attention during the coming period in the event of a continued lack of investment in them.
He stressed the need for a gradual transition in the energy transition, and the creation of a mixture of traditional, new and renewable sources that are able to meet global demand while preserving the climate.
Since 2020, there have been indications of a decline in global investments in the oil and gas industry, due to the drop in their prices, while other countries have begun to invest in renewable energy instead of traditional ones.
Al-Ghais said that the world needs to focus on reducing greenhouse gas emissions, rather than replacing one form of energy with another, adding that “this is the truth that must be recognized.”
Earlier last month, OPEC said it estimated that the oil sector needs investments amounting to $12.1 trillion to meet demand in the coming years.
For his part, the Chairman of the Board of Directors of the “FGE” energy consulting company, Faridoon Fisharki, said at the same conference that the world may face a supply problem with the growth of global oil demand by regarding 8 million barrels per day, as Western sanctions on Russian oil reduce growth. production.
He added that Russia can maintain production between regarding 10 to 11 million barrels per day, but it may not be able to increase it to two million barrels per day as was planned in the coming period due to Western sanctions.
The Russian oil and gas sector is subject to a package of Western sanctions aimed at restricting sales to the West and putting a ceiling on Russian oil prices.
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