Haitham Al-Ghais, the Secretary-General of OPEC, confirmed today, Tuesday, that the recent OPEC+ decision to restrict oil output was unanimous as the group chose to take a preventative approach to help stabilise the world’s oil markets.
“There has been agreement to act right now to avert any potential catastrophe.
The ministerial monitoring committee will meet with “OPEC +” every two months to keep an eye on market developments, while the members of “OPEC+” agreed at the conclusion of their meeting on Wednesday, October 5, to cut production by two million barrels per day in November and extend the “Cooperation Declaration” until the end of 2023.
Al-Ghais, on the other hand, predicted that the demand for energy will rise by 23% to 351 million barrels per day in 2045 from 258.7 million barrels per day in 2021.
The majority of the energy mix will still be made up of oil, according to OPEC’s Secretary-General.
He said that the oil sector needs investments of 12. 1 trillion dollars in the long run, and if these investments are not achieved, we may witness shortages and fluctuations.
The “OPEC” Secretary-General also emphasised that the group will stand up for a fair and inclusive energy transmission system that does not exclude anyone, saying that there are many different ways to reduce emissions and they should all be taken into consideration.
OPEC Secretary-General: I support OPEC+’s decision to forbid taking any crisis prevention measures.
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