OPEC Secretary General: The demand for oil is increasing

According to the report of the International Economic Group of Fars News Agency, quoted by Al-Masri Al-Youm, Haitham Al-Ghais, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), said on Sunday that the oil industry in the world needs an investment of 12 trillion dollars by 2045.

In his speech at the opening ceremony of the 6th Egyptian International Petroleum Exhibition and Conference (EGIS) in Cairo, Al-Ghais said: “The demand for oil increased after the Covid-19 pandemic and it is expected to reach 102 million barrels this year and by 2025 reach 110 million barrels.

He continued: However, the oil industry has suffered from a lack of investment in the recent period, and in order to promote this industry, we must invest 12 trillion dollars in this field by 2045, which is equivalent to 500 billion dollars annually, and from this Investing in energy security is important as one of the main elements of economic activity, as well as energy availability and stability in energy markets.

Stating that OPEC is committed to the stability of global oil prices, Al-Ghais considered the collective decision to reduce production last October as a correct step and said: “The OPEC+ coalition has historically played a constructive role in providing more demand and maintaining market balance.”

Pointing out that OPEC supports the transition to clean energy, he said: But we ask all those involved in climate change issues to look at the issue from a different perspective and in order to transfer energy in a way that guarantees energy security for everyone. to try

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