Haitham Al Ghais, secretary-general of OPEC, highlighted the significance of the organization‘s decisions in stabilizing the global oil industry. He reiterated that the world will continue to rely on oil for many years and decades to come.
Read more: OPEC Secretary General: Oil industry calls for $11.1 trillion in investments by 2045
Al Ghais underlined the positive feedback received from official and international agencies, as well as numerous advisory bodies in the energy and oil sectors, praising OPEC’s proactive and effective decisions aimed at supporting market balance, stability, and global economic growth.
In an interview with Independent Arabia, Al Ghais mentioned that OPEC’s recent report predicts a better-than-expected improvement in economic growth rates, estimating a 2.8 percent growth for this year and 2.9 percent for 2025.
The Secretary-General recalled the success of the Joint Cooperation Declaration agreement, which was adopted by OPEC and its allies during the Covid-19 pandemic. He noted that this agreement led to a significant reduction in oil production, accounting for approximately ten percent of global oil supplies. Regular meetings have been held to assess market conditions and gradually resume production.
Angola’s withdrawal, Brazil’s participation in OPEC+
Regarding Angola’s withdrawal and Brazil’s participation in the OPEC+ alliance, Al Ghais stated that the Organization of the Petroleum Exporting Countries has always aimed to attract oil-producing countries that share the organization’s vision and goal of supporting global oil market stability. He emphasized OPEC’s unity, constructive dialogue, cooperation, and mutual respect among member states, regardless of their geographical locations, languages, and cultures. He also mentioned that Angola has the option to return to the OPEC family.
According to a statement made by Al Ghais to the Emirates News Agency (WAM), OPEC believes that the oil industry will need approximately $11.1 trillion by 2045, as outlined in the organization’s annual report.
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