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OPEC Secretary-General: $12 trillion in oil investments the world needs in a quarter of a century
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Kuwait - Mubasher: The new Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" Haitham Al-Ghais said that the world needs oil investments estimated at $12 trillion over the next 25 years, unlike other energies.
Al-Ghais stressed that oil and gas will remain a mainstay of energy, while we need alternative energy to enhance the role of oil, not replace it.
He pointed out that the rise in oil prices is not only linked to the Ukrainian crisis, but to the recovery of demand, the decline in investments in refining and the wave of refinery closures globally due to a lack of spare production capacity. According to Kuwaiti opinion.
He explained that the "OPEC Plus" historical cuts of 9.7 million barrels per day had the greatest impact on the market recovery again.
And the group of “OPEC Plus” countries reduced oil production in the largest reduction in the history of the oil industry, reaching about 9.7 million barrels per day in May 2020, during the beginning of the Corona crisis.
Al-Ghais indicated that "OPEC Plus" has returned these quantities on a monthly basis gradually and in an orderly manner, in full accordance with the levels and pace of the return of demand for oil, coinciding with the decline of "Corona".
He pointed out that to maintain the world's current production level, estimated at 100 million barrels per day, the oil industry needs to inject investments estimated at 500 billion dollars annually.
The Secretary-General of the organization stated that the Corona crisis caused a significant decrease in investments in the exploration, drilling and production industry, to nearly $300 billion in 2020.
He pointed out that after the gradual return of the economic recovery, these investments recorded an increase, reaching 375 billion dollars annually, according to the latest data for 2022, noting that they did not reach the levels that were before "Corona", explaining that this is the most prominent challenge for the oil industry globally.
Regarding the transition to alternative energies, Al-Ghais explained that the transition must be gradual and orderly in the use of alternative energy as a supporting source of energy required in the future, with the importance of ensuring the security of supplies to the world.
He stressed that achieving this through a dialogue that includes all concerned partners, and OPEC has an important and fundamental role in this file.
Al-Ghais said: "On the occasion of Egypt's hosting of " COP 27 " next November, this occasion will be an excellent platform for us as "OPEC" countries to spread this message, and we are looking forward to the UAE hosting " COP 28 " next year."
Regarding the factors that will affect oil prices by the end of the year, Al-Ghais stressed that the continued lack of investments in the field of drilling, exploration and production will be the most important factor in terms of affecting prices.
He referred to the expectations of some international banks that the barrel price would reach $380 per barrel, and $150 and $200, stressing that these prices remain speculations, but the most important factor is the inability to increase production in light of the increasing demand on the way back to before Corona.
It is noteworthy that [You must be registered and logged in to see this link.] starting today, succeeding the late Muhammad Barkindo, the former Secretary-General of "OPEC".
[You must be registered and logged in to see this link.]
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Haitham Al Ghais, the new Secretary General of the Organization of Petroleum Exporting Countries
August 01 2022 11:26 AMKuwait - Mubasher: The new Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" Haitham Al-Ghais said that the world needs oil investments estimated at $12 trillion over the next 25 years, unlike other energies.
Al-Ghais stressed that oil and gas will remain a mainstay of energy, while we need alternative energy to enhance the role of oil, not replace it.
He pointed out that the rise in oil prices is not only linked to the Ukrainian crisis, but to the recovery of demand, the decline in investments in refining and the wave of refinery closures globally due to a lack of spare production capacity. According to Kuwaiti opinion.
He explained that the "OPEC Plus" historical cuts of 9.7 million barrels per day had the greatest impact on the market recovery again.
And the group of “OPEC Plus” countries reduced oil production in the largest reduction in the history of the oil industry, reaching about 9.7 million barrels per day in May 2020, during the beginning of the Corona crisis.
Al-Ghais indicated that "OPEC Plus" has returned these quantities on a monthly basis gradually and in an orderly manner, in full accordance with the levels and pace of the return of demand for oil, coinciding with the decline of "Corona".
He pointed out that to maintain the world's current production level, estimated at 100 million barrels per day, the oil industry needs to inject investments estimated at 500 billion dollars annually.
The Secretary-General of the organization stated that the Corona crisis caused a significant decrease in investments in the exploration, drilling and production industry, to nearly $300 billion in 2020.
He pointed out that after the gradual return of the economic recovery, these investments recorded an increase, reaching 375 billion dollars annually, according to the latest data for 2022, noting that they did not reach the levels that were before "Corona", explaining that this is the most prominent challenge for the oil industry globally.
Regarding the transition to alternative energies, Al-Ghais explained that the transition must be gradual and orderly in the use of alternative energy as a supporting source of energy required in the future, with the importance of ensuring the security of supplies to the world.
He stressed that achieving this through a dialogue that includes all concerned partners, and OPEC has an important and fundamental role in this file.
Al-Ghais said: "On the occasion of Egypt's hosting of " COP 27 " next November, this occasion will be an excellent platform for us as "OPEC" countries to spread this message, and we are looking forward to the UAE hosting " COP 28 " next year."
Regarding the factors that will affect oil prices by the end of the year, Al-Ghais stressed that the continued lack of investments in the field of drilling, exploration and production will be the most important factor in terms of affecting prices.
He referred to the expectations of some international banks that the barrel price would reach $380 per barrel, and $150 and $200, stressing that these prices remain speculations, but the most important factor is the inability to increase production in light of the increasing demand on the way back to before Corona.
It is noteworthy that [You must be registered and logged in to see this link.] starting today, succeeding the late Muhammad Barkindo, the former Secretary-General of "OPEC".
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
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