Secretary General of the Organization of the Petroleum Exporting Countries' (OPEC) Haitham Al-Ghais praised Malaysia on Monday for its backing of more cooperation with non-OPEC allies, saying the Southeast Asian nation has an illustrious history of oil output.
Citing a Malaysian oil well first discovered in 1910, the OPEC chief said it represents a "historic landmark" in the country's oil industry, in addition to being an integral component of the future of Malaysian oil production, he told an Asian energy conference in Malaysia.
A "balanced and stable" global oil market largely hinges on the level of cooperation between OPEC and its allies from outside the organization, he emphasized, saying the matter has become all the more significant in the aftermath of the COVID pandemic.
As shown by a recent OPEC report, he said that global demand for renewable energy has surged by some 23 percent in an upward trend that is likely to persist by the year 2045, underlining that the future of the global energy system will revolve around renewables.
"As we continue to provide energy to the world, we also recognize the need to continually reduce carbon emissions in line with global practices and standards," he told the gathering.
Future of oil investments by the year 2045 could get up to USD 12.1 trillion, while current investment figures pale in comparison due to significant production cuts induced by the pandemic, he added.
Source: Kuwait News Agency