OPEC Secretary General, al-Ghais, said that OPEC+ has now decided to cut production to prevent a subsequent crisis.
In his speech at the energy conference held in South Africa, OPEC Secretary General Haitham al-Ghais said that OPEC+ has now decided to cut production in order to prevent a crisis that may arise later.
Stating that OPEC+ took the decision to cut production unanimously to help stabilize the global oil markets, OPEC Secretary General said, “There is a consensus to act now to prevent a subsequent crisis.”
In his speech, Al-Ghais stated that they predicted that oil will have the largest share in energy production in the future, and emphasized that they predicted that the global energy demand will increase from 285.7 million barrels/day in 2021 to 351 million barrels/day by 2045.
Defending that the global oil sector needs an investment of 12.1 trillion dollars in the long term , OPEC Secretary General argued that if this investment amount is not met, a serious supply gap and volatility will be faced.
