The Secretary General of Organisation of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais, has dismissed pessimism expressed in some quarters over the future of oil.
In an op-ed article, in the Middle East Economic Survey (MEES), Al Ghais wrote there is “a worrying trend of narratives” that use terms like the end of oil, which have the potential to foster energy policies that stoke energy chaos.
“What if investments in supply fall as a result, but demand for oil keeps increasing, as we are seeing today? The reality is that the end of oil is not in sight,” Al Ghais wrote in the article shared on X.
While OPEC countries believe oil use will keep rising in coming decades, the International Energy Agency (IEA), predicts it will peak by 2030.
Because the oil industry is investing in technologies like carbon capture utilisation and storage, clean hydrogen and direct air capture, the Opec boos reasons that this is “showing that it is possible to reduce emissions while producing the oil the world needs”.
