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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    OPEC Secretary General: Lack Of Investment May Cause Volatility In Energy Markets

    Rocky
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    • Post n°1

    OPEC Secretary General: Lack Of Investment May Cause Volatility In Energy Markets Empty OPEC Secretary General: Lack Of Investment May Cause Volatility In Energy Markets

    Post by Rocky Tue 23 May 2023, 5:22 am

    OPEC Secretary General: Lack Of Investment May Cause Volatility In Energy Markets
    05/22/2023
    1312

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    Earth News / Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Monday that the lack of investment in the oil and gas sector could cause volatility in the markets in the long term and threaten growth.
    He added during the "Middle East Oil and Gas 2023" conference in the UAE that the world needs to focus on reducing greenhouse gas emissions, rather than replacing one form of energy with another, stressing that there is a need to pump major investments in all energy sectors.
    "This is the truth that must be spoken," he added.
    OPEC estimates indicate that the world needs investments worth $12.1 trillion to meet the growing demand for oil in the long term.
    And the Secretary-General of “OPEC” had said in press statements in mid-May: “With the growth of population and economies, the world will need more energy in the coming decades. In our 2022 World Oil Outlook, we expect global energy demand to expand by 23 percent until 2045. Achieving this growth, ensuring energy security, affordable access, and global emissions reductions in line with the Paris Agreement requires unprecedented energies, investment, and cooperation.”
    Fereydoun Fisharky, Chairman of the Board of Directors of the “FGE” energy consulting company, said that the world may face a supply problem with the growth of global oil demand by about 8 million barrels per day, as Western sanctions on Russian oil reduce production growth.
    He added that Russia can maintain production at about 10 to 11 million barrels per day, but it may not be able to increase it by two million barrels per day as was planned in the coming period due to Western sanctions.
    The oil and gas sectors in Russia are subject to a package of Western sanctions aimed at restricting sales while placing a ceiling on Russian oil prices, due to the outbreak of the crisis in Ukraine in February 2022.
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