2024-03-15 12:38:00
Al-Loughani added – in a statement today, Friday, 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 Security of supplies and the necessity of their continuity and flow and their arrival to their 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.
He also explained that this issue comes in order to provide modern and sustainable energy services to all, saying that “without a doubt, it will lead us to achieving global energy security on both sides, security of demand for producers and security of supply for consumers,” noting that the Organization of the Petroleum Exporting Countries (OPEC) has repeatedly affirmed its commitment to security of supply. It will continue to emphasize that overall energy security, affordability and emissions reduction must go hand in hand with the aspiration to use all energies and technologies in energy transitions.
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