OPEC Secretary-General: $12 trillion in oil investments the world needs in a quarter of a century
[You must be registered and logged in to see this image.]
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.]
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
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.]
» The Committee of the Regions and Governorates that are not affiliated with the Parliamentary Region
» French report: Quick economic decisions by the Sudanese government to contain popular discontent
» A meeting on the integration of government databases headed by Al-Sudani
» After a 'deep disagreement'.. Report: Baghdad and Erbil are close to resolving the oil and gas law
» KTFA Members "Tuesday Iraq News" 2-7-2023
» "The solution is temporary and the consequences are dire." Warnings of the Iraqi government's decisi
» Al-Fatah Alliance: There is no point in devaluing the dollar exchange rate without monitoring the ex
» Tender announcement for the technical infrastructure development project for the branches of the Cen
» The Parliamentary Legal Council affirms its support for increasing the salaries of retirees and addr
» Al-Alaq: A new package to control dollar fluctuations will start in the middle of this month
» The Dollar, the Central Bank, and the Owner - Salah al-Din al-Janabi
» Nechirvan Barzani calls on Baghdad to cancel the effects of the referendum: I hold the federal force
» Raising the value of the Iraqi dinar against the dollar by 10%, and an American adherence to the dem
» The citizen is waiting for a breakthrough in commodity prices after raising the value of the dinar a
» Obelisk Hour: Changing the banking system in the country inaugurates electronic dealing with the cur
» Signing contracts for the electrical interconnection project between the countries of the Gulf Coope
» Popular satisfaction with the decline in the price of the dollar.. and warnings from traders who buy
» Representatives talk about a political agreement on the oil and gas law
» An Iraqi delegation to Washington without the Sudanese.. the dollar, Iran, Russia and the factions
» Iraq's new ambassador begins his duties in Moscow
» Oil reveals the exploration blocks and the winning companies in the fifth licensing round
» Economists are calling for moving economic security and controlling the dollar market
» In a suspicious way.. Basra Ports compensated Al-Abd Investment Company with 46 billion dinars (docu
» Without objection.. The House of Representatives intends to vote on the new exchange rate for the do
» Iraq hopes to meet 25 percent of energy needs through the fifth round of oil licensing
» For the fourth day.. The increase in auction sales of the Iraqi currency cash from the dollar
» A financial expert for the Tigris: An additional Iraqi currency is being printed due to the dollar c
» Prime Minister: We prepared the equipment for the electricity file during the summer of 2023 and pro
» Prime Minister: The budget will be a reflective mirror of the government program, and it contains im
» Al-Sudani: The government is determined to establish a fund for the reconstruction of the Nineveh Pl
» The Prime Minister confirms proceeding with the fifth licensing round for gas investments, which wil
» The central bank "circulates" the official exchange rate book to banks
» Iraq begins exporting the first gas shipment to the Emirates
» Al-Ghazi: The Sadr City Development Project receives direct government interest
» Al-Hakim: Iraq is keen to attract discreet international companies
» The President of the Republic stresses the importance of resolving issues and demands peacefully und
» A new procedure from the Central Bank to monitor the dollar purchase process
» The Investment Authority: directed to reinvest Razzaza Lake to build an urban city
» The Minister of Oil confirms the acceleration of the final contracting procedures in the contracts o
» Experts: Money laundering traffickers turned to three activities in the Iraqi markets
» The return of dollar prices to their previous levels in the regional markets at the opening
» Mesopotamia begins selling the dollar to travelers at the official rate
» A directive from the Chief Justice to take action against three types of social media users
» Transport clarifies.. What is the impact of the devastating earthquake on the Iraqi ground and air r
» Al-Sudani announces the agenda of his visit to the UAE
» The Central Bank directs exchange and electronic payment companies to adopt the new dollar exchange
» Pictures: Heavy crowding in the Erbil Stock Exchange with the low exchange rate
» Parliament will read next Thursday 9 draft laws, including Iraq's accession to the European Bank agr
» Al-Sudani: The previous government did not take measures to protect citizens from the effects of cha
» Integrity detects violations in an electricity contract worth 3 billion dinars in Muthanna
» Al-Sudani: Our visit to the UAE comes in search of a sustainable partnership for the benefit of our
» The Peshmerga welcomes the international coalition and America's confirmation of the implementation
» After resolving the dollar crisis.. Kurdish demands to expedite approving the budget
» Erbil announces the completion of 1086 projects during the year 2022
» The President of the Republic announces his support for measures to raise the exchange rate of the d
» The Iraqi government intends to establish a fund for the reconstruction of the Nineveh Plain and Sin
» Sudanese to the Emirates in search of a "sustainable partnership"
» "Kia" is in the lead.. Iraq records the highest percentage of car purchases in 8 years
» The Central Bank of Iraq allocates a hotline to receive complaints about the dollar
» The Central Bank: to start selling the dollar at the new price of 1,300 dinars, starting tomorrow
» China's oil imports are witnessing Russian competition with Saudi and Iraqi exports
» Iraq confirms the continuation of increasing the area of using the liquid gas system in vehicles
» Reducing the price of the dollar in Iraq.. an end to the crisis or its deepening?.. economists answe
» Receipt of a "large amount" .. Recruitment of a current deputy who refrained from exercising his ove
» Sudanese financial advisor: Raising the value of the dinar came to fight inflation
» The central bank sends directives to banks to adopt the new dollar exchange rate
» Deputy confirms that the new central bank policies support the poor segments and eliminate speculati
» Gold extends its gains, and the dollar gives up a one-month high... after the Fed's statements
» Iraqi oil returns to Turkey through the port of Ceyhan
» Total Energies announces the continuation of talks with Baghdad on energy projects
» Oil: the announcement of the formula for partnership contracts with the private sector regarding gas
» Dana Gas receives more than 300 million dollars from Egypt and the Kurdistan region
» Electricity shows its procedures to address bottlenecks in preparation for next summer
» The President of the Republic supports the Central Bank's measures to change the exchange rate
» The Secretariat of the Council of Ministers reveals the details of the Sadr City development project
» Transportation: The earthquake will not affect Iraqi air and railway corridors
» Al-Mandalawi calls for a review of the banking mechanisms
» UNESCO proposes a fund for emergency support in the education sector
» Resources: Releases from our dams are at the lowest levels
» Iraq moves internationally from the "gray" to the "white" area
» Baghdad is preparing for the {General Conference for Youth and Sports}
» {Confidentiality of Questions} brings back the controversy of blocking social media
» Provincial councils raise a problem about their usefulness
» The Central Bank: Selling the dollar at the new price of 1,300 dinars will start from Wednesday
» Al-Sudani approves the decision to amend the exchange rate of the dollar, equivalent to 1,300 dinars
» Headed to restore tourist facilities
» The Minister of Education issues a ministerial order to appoint 2,476 PhD holders
» Minority representatives are angry because of the presidency of parliamentary committees
» Abu Mazen in front of the integrity accused of receiving a bribe!
» Deputy questions the possibility of holding local elections next October
» Water resources: Iraqi dams were not affected by the earthquake
» The dollar against 1,300 dinars, starting today.. Will prices stabilize in the markets?
» Rasheed Bank announces an increase in the housing loan ceiling to 60 million dinars
» The Saudi Council of Ministers praises the distinguished relations with Iraq
» Cabinet votes to install a new batch of contracts
» Integrity arrests the director of the Amara Agriculture Division for organizing illegal fertilizer t
» Al-Sudani enumerates the achievements of his government within 100 days and announces gas, health an
» Integrity: bringing in a deputy accused of receiving $750,000 in exchange for refraining from exerci