Kuwait: Organization of the Petroleum Exporting Countries (OPEC) Executive Director Haitham Al-Ghais said on Friday that investment in energy is essential to ensure market stability.
Al-Ghais spoke at an energy security session as part of the Energy Ministers’ Meeting in Bali, Indonesia, where an OPEC study estimated that the oil sector, at all stages of production, could generate US$12 trillion by 2045. He said that he evaluated that more investment is necessary and that it is necessary to secure a sufficient supply. future to meet the expected high demand for oil.
He emphasized the importance of ensuring reliable and affordable energy for all, following a comprehensive approach that includes all types of energy sources and technologies.
He recalled the 2020 session of the G-20 under Saudi Arabia’s leadership that made decisive and historic decisions to address instability due to the COVID-19 pandemic.
On the sidelines of a ministerial meeting held under the umbrella of the G-20, Al-Ghais spoke with several ministers, including Indonesia’s Minister of Energy and Mineral Resources Arifin Tasrif, European Commissioner for Energy Kadri Simpson, and the Director-General of the International Secretariat. I met with a senior official. Energy Forum Joseph McMonigle and US Deputy Energy Secretary David Turk.