OPEC Secretary General: Lack of Oil Investments Threatens Growth

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais
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OPEC Secretary General: Lack of Oil Investments Threatens Growth

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais warned of the danger of ending investment in the oil and gas sector, stressing that this would constitute a threat to global economic growth.

Al-Ghais was speaking during an exclusive interview with Asharq Al-Awsat, on the eve of the meeting of the Joint Ministerial Monitoring Committee on Wednesday. The panel includes ministers from OPEC and allies led by Russia, known as OPEC+.

In view of the importance of energy to global economic growth and the increasing world population, which is expected to rise by about 1.6 billion people until 2045, it would be dangerous not to maintain investments in the sector, as some are calling for, Al-Ghais said, in reference to the International Energy Agency, which is urging oil companies to stop investing in oil.

He added that under-investing in the sector or asking countries and oil companies to stop financing oil projects under the pretext of preserving the environment “constitutes a threat to global economic growth.”

The OPEC Secretary-General stressed that the world would need more energy of all kinds, noting that the oil-producing countries and OPEC member states were taking another path, by investing in renewable and clean energy and working to reduce emissions in the oil industry.

Al-Ghais’ warnings come amid estimates that the oil industry alone will constitute approximately 29 percent of the world’s energy needs by 2045.

OPEC estimates indicate that the world needs investments worth about $12 trillion to meet the growing demand for oil in the long term.

Al-Ghais expects demand for oil to rise, with an annual increase this year of about 2.4 million barrels per day compared to 2022.



Yemen Defense Minister: Houthi Attacks May Persist Even After Gaza War Ends

Yemeni Defense Minister Lt. Gen. Mohsen al-Daeri (Asharq Al-Awsat)
Yemeni Defense Minister Lt. Gen. Mohsen al-Daeri (Asharq Al-Awsat)
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Yemen Defense Minister: Houthi Attacks May Persist Even After Gaza War Ends

Yemeni Defense Minister Lt. Gen. Mohsen al-Daeri (Asharq Al-Awsat)
Yemeni Defense Minister Lt. Gen. Mohsen al-Daeri (Asharq Al-Awsat)

Yemen’s Defense Minister, Lt. Gen. Mohsen al-Daeri, does not expect Houthi attacks on ships in the Red Sea and Arabian Sea to stop even if the Gaza war ends. He also warns of rising tensions in the region, which could lead to a major conflict.

Speaking to Asharq Al-Awsat, al-Daeri affirmed close coordination between Yemeni forces and the Saudi-led Arab Coalition. He praised Saudi Arabia’s key role in the coalition, highlighting its continuous support for Yemen.

Al-Daeri said there has been significant progress in unifying government-aligned military forces, with committees set up by the Presidential Leadership Council (PLC) establishing a joint operations authority.

Despite challenges, he remains optimistic that these efforts will help unify the military command against the common enemy — Yemen’s Houthi militias.

Al-Daeri warned that Houthi attacks on international shipping in the Red Sea are a serious threat to Yemen and the region. He noted that the Houthis are using these attacks to distract from their internal problems and are trying to capitalize on Yemeni sympathy for Palestine by claiming support for Gaza.

He added that the Houthis are unlikely to stop targeting international shipping, even if the Gaza war ends, and are constantly seeking new alliances with terrorist groups to strengthen their position.

Al-Daeri, accused Iran of fueling instability in Yemen by supporting Houthi militias for years, smuggling weapons and military experts to spread chaos without regard for regional stability.

On US relations, Al-Daeri said ties are good but military cooperation remains limited. He noted that US military aid, suspended in 2014, has not yet returned to previous levels.

Al-Daeri said his visit to Saudi Arabia was part of ongoing coordination with the Joint Operations Command and the Saudi Ministry of Defense to strengthen defense cooperation between the two countries.

During his “productive” visit, Al-Daeri met with several military leaders, congratulated the new commander of the Joint Operations, Lt. Gen. Fahd Al-Salman, and held talks with officials from the Saudi Ministry of Defense and the Islamic Military Counter Terrorism Coalition.

Al-Daeri emphasized the strong defense cooperation with Saudi Arabia, particularly during Yemen’s war in recent years.

He noted that the high level of coordination with Saudi Arabia, the UAE, and other Arab Coalition members has significantly improved regional military readiness.

Al-Daeri said relations with Saudi Arabia are growing stronger, with both countries working closely together to fulfill their missions in the region.

He described defense cooperation as being at its peak, praising Saudi Arabia’s leadership in the Arab Coalition.

“Saudi Arabia has always provided full support—military, financial, and moral. As the region’s strongest power, they have supported Yemen not just with resources, but also with strategic expertise and by fighting alongside us, even sacrificing their lives for our cause,” Al-Daeri told Asharq Al-Awsat.

He said Houthi militias have taken advantage of the ceasefire and the Saudi-led initiative, which later became a UN effort, to conduct hostile activities and assert their presence.

He referred to the Houthis’ actions as creating a “massive prison” for millions of Yemenis who do not want to live in their controlled areas.

Al-Daeri, described the situation in the region as dangerous, pointing to recent events in Gaza and Lebanon as signs of increasing tensions. He warned of the risk of an unprecedented regional war due to the rising violence and conflicts.

“What is happening is very alarming, especially with the recent events, including terrorist militias in Yemen, the unacceptable violence in Gaza over the past year, and the situation in southern Lebanon. This all signals the risk of an unusual war,” said al-Daeri.

Regarding potential outcomes, al-Daeri noted that Yemeni forces are ready for both war and peace. He acknowledged significant efforts to achieve peace but warned that renewed conflict could occur at any moment. He also pointed out ongoing provocations from Houthis, which continue to lead to casualties.

"We are ready for all options and have comprehensive strategic plans for deploying our forces. The past two years have seen a ceasefire, and the Arab Coalition is making significant efforts to achieve peace rather than resorting to war. However, this does not mean that conflict won’t resume; it could restart at any time,” explained al-Daeri.

“Despite the ceasefire and the presence of our forces, the legitimate troops have not fired back, yet the militias provoke us daily, resulting in casualties,” he added.

“Patience is a key quality of the legitimate authority in Yemen, led by Dr. Rashad Al-Alimi, the Supreme Commander of the Armed Forces, and his colleagues in the Presidential Leadership Council. This patience reflects our readiness for the moment of truth, whether for peace or war—we are prepared,” asserted al-Daeri.