MOSCOW, Sep 2 — PRIME. More than $12 trillion in investment is needed by the global oil industry to meet the projected increase in oil demand until 2045, OPEC Secretary General Haytham al-Ghais said.
Russia will support the continuation of the OPEC + deal after 2022
“The constant underinvestment of the industry has resulted in a reduction in spare production capacity, limited production and reduced refining volumes. And all this was formed when the demand for oil is actually growing,” Al-Ghais said during the G20 ministerial meeting on the energy transition . A video of his speech was posted on the official OPEC Twitter page.
According to him, to meet the growing demand for oil, investments of more than $12 trillion are needed along the entire value chain.
All fuels and all technologies are critical to the safe and gradual implementation of the energy transition, the OPEC Secretary General concluded.
In August, he also stated that the organization is not responsible for the rise in world prices for energy resources, in particular oil and gas, and, on the contrary, is consistently working to return the balance to the market. The reason for the growth is chronic underinvestment, al-Ghais pointed out. He also urged world politicians to realize this and wake up.
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