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OPEC Secretary-General: Industry needs to speak with one voice on harm of under-investment

May 22, 2023 at 4:58 pm

Haitham Al Ghais Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC) in Kuwait City on 23 December 2018 [YASSER AL-ZAYYAT/AFP/Getty Images]

OPEC Secretary-General, Haitham Al Ghais, said on Monday that under-investing in the oil and gas sector could cause market volatility in the long term and imperil growth, Reuters reports.

He also said the world needs to focus on reducing green house gas emissions rather than replacing one form of energy with another, stressing that major investments were needed in all energy sectors.

“That is the truth that needs to be spoken,” Al Ghais told an industry conference in Dubai.

OPEC has previously warned that oil demand will continue to rise even as the world moves to clean energy and the industry requires “huge investments” of $12.1 trillion in the period to 2045 to increase production and meet demand.

READ: World Bank: Gulf economies to grow by 2.5% in 2023