The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, indicated on Monday that "OPEC is optimistic about demand and sees that lack of investment poses a threat to energy security." Speaking at an energy sector conference in Abu Dhabi, Al-Ghais emphasized "the importance of continuing investment in the oil and gas sector," stating that he believes calls to halt investments will yield counterproductive results.
He added, "We still expect demand for oil to be significantly strong this year, as it had been last year," noting that the organization's forecasts indicate an annual demand growth of more than 2.3 million barrels per day. He confirmed that investment in the oil and gas sector is crucial for energy security.
He stated, "Our excess production capacity is declining sharply; we have stated this multiple times, which necessitates the collective efforts of all stakeholders to recognize the importance of investment in this sector."
UAE Minister of Energy Suhail Al-Mazrouei echoed this call, stating that investments from international and national oil companies are essential, and he pointed out that these investments require financial sectors to be determined to finance oil and gas. Al-Mazrouei later told reporters that his country is on track to increase its oil production capacity to five million barrels per day by 2027, up from the current 4.2 million.
