Vienna: OPEC Secretary General Haitham Al Ghais has reaffirmed the pivotal role of the Organization of the Petroleum Exporting Countries (OPEC) in maintaining stability within the global oil market. He emphasized that OPEC remains a crucial element in the energy industry and continues to highlight the significance of oil and petroleum products worldwide for the foreseeable future.
According to Emirates News Agency, Al Ghais highlighted the integral nature of oil to daily life and economic prosperity. He noted that without oil, essential activities like transportation, construction, and food production would face significant challenges, impacting societal and economic functions. These remarks were made in a statement commemorating OPEC's 65th anniversary.
Al Ghais reflected on OPEC's enduring vision and core objectives established since 1960, which have consistently guided the Organization. OPEC, now comprising 12 member countries, is recognized as a respected entity within the international energy community. The Organization was officially registered with the United Nations Secretariat on November 6, 1962.
He pointed out that OPEC has gained prominence, particularly after forming the Declaration of Cooperation (DoC) with non-OPEC producers in late 2016. This collaboration, known as OPEC-plus, played a significant role in helping the oil industry and the global economy navigate the challenges posed by the COVID-19 pandemic.
Looking to the future, Al Ghais stated that oil will remain essential, with OPEC's World Oil Outlook 2025 projecting a rise in oil demand to approximately 123 million barrels a day by 2050. This growth is attributed to expanding economies and populations, underscoring the critical nature of energy security, which is unthinkable without oil.
He further emphasized the importance of addressing energy poverty in developing regions while achieving growth sustainably. Al Ghais advocated for a comprehensive approach that includes various energy sources and technologies to address social, economic, and environmental needs.
Al Ghais concluded by stressing OPEC's commitment to realistic strategies for tackling future energy challenges. He dismissed any notions of OPEC's declining significance or predictions of peak oil, underscoring the organization's preparedness to remain a cornerstone of the global energy landscape for decades to come.