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.
