CARACAS, Sept. 14, 2022 (Xinhua) OPEC Secretary-General Haitham Al-Ghais said Wednesday during his visit to Venezuela that the organization and its allies remain “on alert” for any possible changes in the global oil and gas market.
He stressed that the ministerial meeting of OPEC member states and non-OPEC producing countries “is ready to convene when there is a need to agree on any changes that occur in the market, if necessary.”
On Wednesday, Al-Ghais participated in an official ceremony marking the 62nd anniversary of the founding of OPEC, with Venezuelan Oil Minister Tariq El-Aissami and other figures from the Venezuelan government.
He also noted that there are signs of “optimism” in the market, including OPEC’s forecast that the global economy will grow by 3.1 percent in 2022.
Despite this, recent geopolitical events in Europe and other parts of the world have led to “restrictions” that “severely harm both producers and consumers”, said the Secretary-General of the organization.
According to the organization’s forecasts, the global demand for oil will witness an “increase of 13 million barrels per day, and it will reach 110 million barrels per day in 2045,” according to Al-Ghais.
In light of this, he pointed out that Venezuela will play a “major role” in the future of global energy, as it has the largest reserves of crude oil in the world, estimated at about 300 billion barrels.
Meanwhile, El Aissami thanked Al Ghais’ visit and reiterated “all necessary efforts and commitments” by Venezuela to continue supporting OPEC’s strategic goals.
He added that despite the difficult circumstances raised by the outbreak of the Corona virus, OPEC and its partners were the guarantors of “economic stability” and the stability of the crude oil market.