The Organization of the Petroleum Exporting Countries (OPEC) is optimistic about demand forecasts this year, said Secretary General Haitham Al Ghais on Monday, warning that insufficient investments threaten energy security.
– We still expect quite resilient demand for oil this year, as it was last year – said Al Ghais at the energy conference in Abu Dhabi, reminding that the group’s forecasted growth should exceed 2.3 million barrels per day.
The OPEC leader also emphasizes that investments in the oil and gas sector are crucial for energy security.
– We have said multiple times that we are running out of… spare capacity, (this issue) requires coordinated actions from all stakeholders to understand the importance of investing in the sector – said Al Ghais.
The Minister of Energy of the United Arab Emirates (UAE), Suhail al-Mazrouei, also warns about the necessary investments from international and national oil companies.
For oil companies to invest, the financial sector must be ready to finance investments, claims Mazrouei.
The United Arab Emirates will expand production capacity by 2027 from the current 4.2 million to five million barrels per day, al-Mazrouei later told reporters.
