OPEC Secretary General said about the threat to energy due to lack of investment – Kommersant

Due to a lack of investment, the sustainability of the global energy system is “at stake,” OPEC Secretary General Haytham al-Ghais said. According to him, it is necessary to correct the “chronic underinvestment” in the industry.

The head of OPEC said that with the growth of the population and the economy, the world will need more energy in the coming decades. The organization predicts that global energy demand will increase by 23% by 2045. As Mr. al-Ghais clarified, investments only in the development of the oil industry, which by 2045 will cover about 29% of the world’s energy needs, are estimated at $12.1 trillion.

The OPEC Secretary General considers it necessary to create “a long-term and favorable investment climate in which work will be carried out with producers and consumers.” “Investment in all types of energy is not enough, so the sustainability of the global energy system is at stake,” he told the Emarat al-Yaum newspaper (quoted by TASS).

In April Algeria, Iraq, Kazakhstan, Kuwait, United Arab Emirates, Oman, Russia and Saudi Arabia announced on the voluntary reduction of oil production. We are talking about a decrease of 1 million barrels per day from May until the end of the year, while Russia will extend for the same period, the reduction in production by 500,000 barrels already started in March. Ministry of Foreign Affairs of the Russian Federation named this decision is forced.

About its consequences – in the material “Kommersant” “Urals broke through the ceiling”.

Laura Keffer