2024-03-17 12:00:00
Written by – Marwa Al-Ghoul Sunday, March 17, 2024 02:00 PM
Oil prices in global markets recorded weekly gains, as Brent crude, the global benchmark, rose by regarding 3.9%, and US West Texas Intermediate crude rose by regarding 3.8%.
Oil prices recorded $85.34 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $81.04 per barrel, as prices fell at the end of Friday trading.
The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Jamal Al-Loughani, said that energy security is one of the issues that many parties related to oil, energy and industry are interested in, whether in producing or consuming countries, stressing that the demand for oil will continue to rise and oil will maintain its position as a major source. primary energy for many decades to come, which requires cooperation and constructive dialogue between all parties in dealing with the issue of energy security, both supply security and demand security.
Al-Loughani added in a statement, commenting on the recently issued International Energy Agency report, which confirms that a strong focus on oil security will be crucial in all stages of the transition to clean energy in various parts of the world – that the concept of energy security for consuming countries focuses only on the security of supplies and the necessity Its continuity, flow, and arrival to its consumption centers without interruption and in a safe manner.
He continued, “We, as oil-producing and exporting countries, completely agree with this concept in terms of the necessity of continued access of supplies to their consumption centers without interruption, to maintain the stability of the international oil market.”
Al-Loughani stated that this matter would contribute to the global economy not being affected by any tremors that might affect its growth, adding, “However, we see the need for the concept of energy security to include the other side of it, which is the security of demand for oil and energy.”
He added, “In order for oil and gas producing and exporting countries to invest billions of dollars in energy projects in their various sectors and stages, there must be clarity, guarantee, and return on these investments and projects,” pointing to the importance of strengthening cooperation between international organizations and institutions specialized in the field of energy in order to facilitate access to research. and clean energy technology, including those related to renewable energy, advanced and cleaner fossil fuel technology, and encouraging investment in energy infrastructure and clean energy technology.
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