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.



Nigeria Nears Military Agreements with Saudi Arabia to Boost Security, Combat Terrorism

Nigerian Minister of State and Saudi Deputy Defense Minister in Riyadh (SPA)
Nigerian Minister of State and Saudi Deputy Defense Minister in Riyadh (SPA)
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Nigeria Nears Military Agreements with Saudi Arabia to Boost Security, Combat Terrorism

Nigerian Minister of State and Saudi Deputy Defense Minister in Riyadh (SPA)
Nigerian Minister of State and Saudi Deputy Defense Minister in Riyadh (SPA)

Nigeria’s Minister of State for Defense, Dr. Bello Mohammed Matawalle, told Asharq Al-Awsat that his country is close to signing military agreements with Saudi Arabia. These deals will include joint training, capacity-building programs, counterterrorism training, and intelligence sharing.

He said Nigeria is working to strengthen its strategic partnership with Saudi Arabia. “My visit focused on boosting military cooperation and ties with the Saudi Armed Forces,” he added after meeting Saudi Defense Minister Prince Khalid bin Salman.

Matawalle said his country believes in Saudi Arabia’s role in promoting regional stability and global security. He noted that his visit aimed to explore new opportunities, share ideas, and strengthen cooperation to address common security threats.

Matawalle said the talks focused on boosting security ties, including counterterrorism training and intelligence sharing.

“We aim to solidify Nigeria’s partnership with Saudi Arabia and finalize agreements on joint training programs and capacity-building initiatives to strengthen our armed forces,” he said.

He also visited the Islamic Military Counter Terrorism Coalition (IMCTC) headquarters in Riyadh, where he met Secretary-General Maj. Gen. Mohammed bin Saeed Al-Moghedi to discuss enhancing cooperation in security and counterterrorism with Saudi Arabia and other member states.

Counterterrorism Efforts

Nigeria has made strong progress in fighting terrorism, thanks to multi-faceted strategies, according to Matawalle. He pointed to the success of Operation FANSAN YAMMA, which has significantly reduced banditry in the northwest.

In the northeast, groups like Boko Haram and ISWAP have been largely defeated through Operation HADIN KAI, he said, crediting military action and international partnerships, including with Saudi Arabia, for improved intelligence and training.

Matawalle also praised a recent counterterrorism conference in Nigeria, calling it a vital step.

“It highlighted the importance of working together to tackle terrorism and strengthen regional security,” he said.

Matawalle said that the recent counterterrorism conference helped countries share strategies, intelligence, and best practices. He stressed the need for a united front against terrorist networks and highlighted the event’s role in boosting collaboration between African nations and global partners.

Matawalle added that the conference reinforced Nigeria’s leadership in regional security and the importance of partnerships like the one with the IMCTC.

Nigeria Calls for Stronger Arab-African Role in Regional Crises

Matawalle urged Arab-African nations to work together to stop the wars in Palestine and Lebanon. He called for collective action to push for a ceasefire and provide humanitarian aid to those affected.

He emphasized the need for Arab-African countries to use their influence in organizations like the UN and African Union to seek a fair resolution to the Israeli-Palestinian conflict.

On Sudan’s crisis, Matawalle reaffirmed Nigeria’s support for peaceful solutions through inclusive dialogue. He stressed that clear mandates, logistical support, and collaboration with local stakeholders are essential for success.

“Nigeria is ready to work with regional and international partners to ensure peace initiatives succeed,” he said, highlighting Nigeria’s leadership roles in ECOWAS and the African Union. He also backed deploying mediators to secure ceasefires and deliver humanitarian aid.

Matawalle said deploying African forces in Sudan could succeed if efforts are well-coordinated, properly funded, and internationally supported.

He expressed optimism, pointing to growing agreement among African nations on the importance of African-led solutions. With backing from the African Union and global partners, he believes such initiatives could protect civilians and promote lasting stability.