OPEC: Calls to abandon oil are false and unrealistic

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OPEC: Calls to abandon oil are false and unrealistic

Haitham Al-Ghais, the Organization of the Petroleum Exporting Countries (OPEC) Secretary-General, stated that calls to abandon oil are false and unrealistic and that he expected oil to continue to play an important and vital role in global energy markets over the coming decades.

Al-Ghais cautioned in a meeting with the Kuwait News Organization, on Sunday, of the grave risks that the world could endure assuming oil creation stops or its utilization is stopped, taking note of that it “comprises around 31% of the worldwide energy blend.”

He explained that the abundance of oil, its ease of extraction, refining, and transportation, as well as its affordability, emphasized its significance “until it has become a major element on which the global economy is based and has become an integral part of our daily lives on which we depend because its supplies are guaranteed and its production continues.”

Al-Ghais predicted that the size of the global economy would double by 2045, confirming the world’s need for all available energy sources. By 2045, global oil demand will reach 116 million barrels per day and energy demand is expected to rise by 23%.

He brought up that there is one more situation in OPEC’s estimates that expresses that worldwide interest for oil could arrive at the degree of 120 million barrels each day by 2045, focusing on that adequate speculations should be gotten to give these gigantic degrees of interest for energy and oil.

“About 14 trillion dollars must be pumped to be invested in various oil industry activities by 2045 to secure the necessary supplies of oil,” he added. This upgrades energy security and furthermore helps in fostering the advancements expected to diminish emanations.”