NNA - The Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" Haitham Al-Ghais announced today that "the oil industry in the world needs investments worth $ 12 trillion until the year 2045," according to "Russia Today" agency.
In his speech during the opening of the sixth session of the Egypt International Petroleum Exhibition and Conference (EGIS) in Cairo, Al-Ghais said that the demand for oil increased after the Covid-19 pandemic, as it is expected to reach 102 million barrels per day this year, and to 110 million barrels by 2025.
He continued, "However, the petroleum industry has suffered during the recent period from a lack of investment, and in order to put this industry in its proper place, we must put 12 trillion US dollars in investments in this field until 2045, or 500 billion dollars annually," stressing "the importance of investment in energy security as a major component of economic activity, energy availability and stability in energy markets."
Al-Ghais stressed that "OPEC is still committed to the stability of global oil prices," considering that "the collective decision to cut production last October was a correct step, and that the" OPEC +" alliance has historically played a constructive role in meeting additional demand and maintaining market balance."
He pointed out that "OPEC supports the transition to clean energy," but called on all those concerned with climate change affairs to "look at the issue from another perspective and work towards an energy transition that guarantees energy security for all."