Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais predicted a 23% surge in energy demand by the year 2045. This projection considers the anticipated growth in the global economy, as well as the expected population increase.
During a meeting of G20 energy ministers in India, Al Ghais emphasized the necessity of investing in energy transitions with a comprehensive approach that benefits all people, all types of fuels, and all technologies.
He further stated that OPEC is eager to closely collaborate with the G20 to enhance a sustainable energy future for the world.
In response to the global economic uncertainty and the slowdown in China’s economy, which is the world’s largest oil importer and the second-largest economy, the OPEC+ alliance has decided to reduce its oil production.
UAE Energy Minister Suhail Al Mazroui expressed that OPEC+ is taking adequate measures to stabilize the oil market.
“We believe that what we are doing in OPEC+ is sufficient to address the issue of supply and demand,” said Al Mazroui.
“We are acting on behalf of all producers worldwide and in the interest of achieving a balance between supply and demand for all consumers as well,” he added.
Al Mazroui also emphasized the pivotal role of OPEC+, responsible for nearly 40% of global crude oil production, in managing the energy market for the benefit of both producers and consumers.
The OPEC+ alliance includes the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia.
On his part, the Executive Director of the International Energy Agency, Fatih Birol, affirmed that the agency will revise its projections for global oil demand growth based on economic growth expectations in China and some other countries.
