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
TT

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.



UN Deputy Special Coordinator to Asharq Al-Awsat: Humanitarian Situation in Lebanon is ‘Catastrophic’

Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)
Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)
TT

UN Deputy Special Coordinator to Asharq Al-Awsat: Humanitarian Situation in Lebanon is ‘Catastrophic’

Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)
Imran Riza, the UN’s Deputy Special Coordinator, Resident and Humanitarian Coordinator for Lebanon (Asharq Al-Awsat)

One of the UN’s top humanitarian officials in Lebanon, Imran Riza, has warned that the situation will worsen if the conflict continues, calling for an immediate ceasefire between Israel and Hezbollah.

He stressed that the ongoing war is placing immense strain on both the UN and the Lebanese government, as over a million people have been displaced. He said current needs exceed $400 million, but only 12% of that amount has been raised so far.

Worsening Crisis

Riza, who is the UN Deputy Special Coordinator for Lebanon, UN Resident, and Humanitarian Coordinator for Lebanon, spoke to Asharq Al-Awsat. He described the past two weeks as “catastrophic” for civilians, with the crisis growing over the last year.

More than 600,000 people have been displaced and over a million affected, with 300,000 crossing the border, according to Riza.

Many of these people have been displaced more than once in search of safety. Riza emphasized that the war has severely impacted civilians, with more than a quarter of Lebanon's population affected.

The UN has been working to address the crisis, but Riza said resources are limited.

He stressed that the UN has been saying all year that it doesn’t have enough funds, even when there were only 110,000 displaced people.

Last week, the UN launched a $426 million appeal for urgent humanitarian aid, with 12% of the funding already secured.

Riza said more support is expected, with donor countries pledging additional help.

He also expressed gratitude for contributions from the Gulf Cooperation Council (GCC), which provided medical and relief supplies, and said the UN hopes to see more international assistance soon.

Working with the Government

The UN is working closely with the Lebanese government every day to provide shelter, food, healthcare, and water to those in need.

Cooperation with the government has been excellent, said Riza.

However, he acknowledged that the government’s capacity is weakened after five years of ongoing crises, which have also severely impacted the population.

People are less resilient than they were during the 2006 war, and the government and its institutions are weaker, affirmed Riza.

The UN is helping the government respond effectively, ensuring transparency and accountability, so that aid reaches those who need it, he added.

The UN is also collaborating with local and international NGOs that have gained experience from Lebanon’s recent crises, helping to ensure a more effective response. Shelters are also being monitored to prevent any abuse.

A Different Reality from 2006

The current situation in Lebanon is very different from the 2006 war. Politically, the country now has a caretaker government and no president, with much less international presence.

Back then, other countries were more involved, said Riza.

The 2006 war lasted only 33 days, but this conflict has dragged on for a year, he noted.

During recent visits to southern border areas, Riza said locals were asking when the war would end, as the situation has worsened significantly in the past two weeks.

Riza noted that, in the first week of the crisis, it was extremely difficult to respond, and even now, many displaced people remain without shelter.

The UN is working with the government to provide shelter, food, and healthcare, but it’s not easy, he noted.

Displacement Crisis

With winter approaching, Riza stressed the need to properly house displaced people, saying that people can’t be left without shelter.

There are also concerns over a lack of housing, clean water, and sanitation, as well as the risk of disease outbreaks. Despite these challenges, Riza praised the close cooperation between the UN, international organizations, and partners.

Many agencies are responding, he asserted.

Riza rejected any claims of discrimination between displaced groups, noting that both Lebanese and Syrians are currently staying in UNRWA schools. He added that talks with the government about sheltering displaced Syrians have been positive.

Riza also expressed concern about the school year and children’s education.

Prolonged Conflict

The United Nations sees no immediate solution to the humanitarian and military crisis in Lebanon, with Riza stressing that the solution must be political and diplomatic, but first, a ceasefire is needed.

While there is little optimism for an end to the conflict, Riza said, the UN is encouraged by the support from its partners, which helps the organization assist the displaced.

He mentioned the recent evacuation of 1,000 people from Ain Ebel and aid distribution in Tyre, emphasizing the need to ensure that they reach those in need.

Riza called on all sides to respect international and humanitarian laws, allowing safe access for aid workers.

He condemned violations, including the deaths of firefighters, health workers, civil defense staff, and UN personnel, adding that the toll on civilian and health infrastructure is growing.