20 Hrs
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عين ليبيا
OPEC Focuses on Oil Market Stability
OPEC Secretary General Haitham al-Ghais affirmed that the stability and balance of the global oil markets are a top priority for the organization, emphasizing that its policies are not aimed at directing or setting oil prices. He praised the "OPEC Plus" alliance for its role in safeguarding the global economy from energy supply fluctuations, noting that it has managed geopolitical tensions in the Strait of Hormuz through alternative logistical routes to ensure the flow of oil. Al-Ghais warned of the risks associated with declining investments in the oil sector, which might require around $17.7 trillion in investments by 2050. He projected global oil demand to rise to 124 million barrels per day by that year, driven by population growth, economic expansion, and urbanization. He called for a reconsideration of the concept of "energy transition" to become "energy additions," stressing the importance of integrating different energy sources to address the energy gap faced by nearly two billion people lacking access to reliable electricity and clean cooking solutions. Al-Ghais forecasted global economic growth of 3% in 2026, accompanied by an increase in oil demand of 600,000 barrels per day, matched by a similar rise in non-OPEC+ oil production led by Brazil, the United States, Canada, and Argentina. His statements come at a time when markets are closely watching geopolitical tensions, maritime security concerns, and the challenges in attracting the necessary investments to meet future oil and energy demand.
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