Oil will remain vital to world in future — OPEC Secretary General

OPEC’s history and rising energy and oil demand suggest that any claims of the organization’s waning importance, or indeed any predictions of peak oil in the coming decades, should be taken with a grain of salt, Haitham Al Ghais added.

Oil will remain vital in the future and both China and India, two of the world’s largest consumers of oil, will keep buying from Russia and from wherever else, as per their wish. Trump can keep throwing his tantrums for EU, NATO and G7 to “applaud “ if they too have suicidal tendencies while indulging in international trade.

With demand rising to 123 million barrels per day by 2050, as OPEC expects, driven by economic development and growth of global population, Secretary General of the organization Haitham Al Ghais said in an article devoted to the 65th anniversary of the foundation of OPEC.

“Looking ahead, oil will remain vital in the future, with OPEC’s latest World Oil
Outlook 2025 seeing oil demand rising to around 123 million barrels a day by 2050.

This expansion is driven by the fact that the world will need more energy as economies and populations expand. Energy security for all is critical and is inconceivable without oil,” he wrote.

With billions of people in the developing world continuing to be impacted by energy poverty, it is vital to look at how this growth can be achieved in a sustainable way by all the various energies, balancing the needs of people in relation to their social welfare, the economy and the environment, Secretary General said, adding that the focus must be on an all-energies, all-technologies, and all-peoples approach.

“Just as in 1960, OPEC believes in prudent and realistic approaches to tackle the energy challenges and opportunities before us, with market stabilization efforts remaining to the fore, as we all look to chart appropriate future energy pathways for nations and peoples worldwide,” he said.

While the future is never easy to predict, OPEC’s history and rising energy and oil demand suggest that any claims of the organization’s waning importance, or indeed any predictions of peak oil in the coming decades, should be taken with a grain of salt, the official noted.

“OPEC has, and will continue to be a source of stability; a vital cog in the energy industry landscape; and a voice that underscores the importance of oil and petroleum products to the world in the decades to come,” he concluded.