Vienna: OPEC believes in prudent and realistic approaches to tackle the energy challenges, Haitham Al Ghais, OPEC Secretary General wrote in his article dedicated to the organization’s 65th anniversary, Trend reports.
According to Trend News Agency, Haitham Al Ghais emphasized that oil will remain vital in the future, with OPEC’s latest World Oil Outlook 2025 projecting oil demand to rise to around 123 million barrels a day by 2050. This growth stems from the increasing energy needs as economies and populations expand. He asserted that energy security is critical and cannot be achieved without oil.
Al Ghais highlighted the importance of market stability, noting that oil is essential to almost every aspect of daily life. He explained that societal and economic prosperity depend heavily on oil and petroleum-derived products. Without them, transportation would face severe disruptions, the construction sector would grind to a halt, food production would be severely impacted, and the production of health products would become challenging.
The Secretary General stressed the necessity of addressing energy poverty affecting billions in the developing world. He advocated for a sustainable growth approach utilizing various energies, balancing societal welfare, economic needs, and environmental considerations.
He concluded by emphasizing the importance of an all-energies, all-technologies, and all-peoples approach. OPEC’s focus remains on market stabilization efforts and finding appropriate future energy pathways for nations and peoples globally. Al Ghais also dismissed predictions of OPEC’s waning importance or peak oil claims, suggesting they should be taken with caution.