OPEC Secretary General Calls For More Investments Into Oil

OPEC Secretary General Haitham Al Ghais on Monday said that Oil needs more investment even as the energy narrative shifts towards cleaner fuels. He said that the Oil sector will need USD 12.1 trillion in investments until 2045.

Speaking at the India Energy Week 2023, Al Ghais said it is critical for the world to invest in oil to achieve energy security and pursue sustainability.

“If we want to, together, achieve energy security and providing sustainability and stability, oil is important because – let’s be realistic,” he said.

The Secretary General said that the OPEC was not against the transition to cleaner fuels. He emphasised that the narrative should be focused on reducing emissions rather than source of fuels.

“We believe in the transition. The issue is, again, emissions. And that's what we need to work on together in an all-inclusive and just manner to make sure that the transition does not leave anyone the behind,” Al Ghais said.

The OPEC Secretary General was, especially, positive for Oil in 2023 due to China starting to open up. He said that the world has yet to reach pre-covid jet fuel demand levels. “There's still a lot of potential for demand. We are optimistic about demand this year,” he said.

But Al Ghais also added that the optimism still needed to be measured because a lot of volatilities and issues persist in the world presently. He told the audience at the event that OPEC+ stands ready to step in and help out wherever possible to make sure that the rising demand is adequately met.