OPEC Secretary General: The lack of oil investments puts energy security at risk

2023-10-02 17:24:52

Haitham Al-Ghais

Oil prices rose by 30 percent during the third quarter as the supply deficit continued

Abu Dhabi, Tokyo – Archyde.com: Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, confirmed yesterday, at the ADIPEC oil conference in Abu Dhabi, that the lack of investment puts energy security at risk. The Secretary-General of OPEC added: “We call for continued investment in the oil and gas sector, and we believe that calls to stop investment will be counterproductive,” according to Archyde.com.
Al-Ghais confirmed that OPEC is optimistic about the demand for oil.
In the middle of last month, the chief OPEC official warned against abandoning fossil fuels, in the first response to the International Energy Agency’s recent statements.
OPEC Secretary-General Haitham Al-Ghais said that abandoning fossil fuels “will lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”
The major international oil company, BP, said that countries around the world should invest in oil and gas production to avoid sharp rises in their prices while accelerating the energy transition to confront greenhouse gas emissions.
(ADIPEC 2023) is considered the largest event in the energy and oil sector in the world and is held with the support of the Ministry of Energy and Infrastructure in the UAE and a group of partners. It is a platform for exchanging ideas and discussing global challenges that affect energy markets and their repercussions on prices, including political challenges and international conflicts and their impact on Energy supplies, in addition to providing a roadmap and future solutions to support and develop a sustainable, safe, and low-cost energy system.
In turn, oil prices rose yesterday, Monday, recovering some of their losses last Friday, with investors focusing on expectations of a lack of global supply and a last-minute agreement to avoid a US government shutdown, which restored their appetite for risk. By 09:49 GMT, Brent crude futures for December rose 54 cents, or 0.59%, to $92.74 per barrel, after falling 90 cents in last Friday’s session. Brent crude futures for November fell seven cents to $95.31 per barrel when the contract expired last Friday.
West Texas Intermediate crude futures rose 49 cents, or 0.54%, to $91.28 a barrel, after falling 92 cents.
The two crude oils rose by nearly 30% in the third quarter, supported by expectations of a widening deficit in oil supply in the fourth quarter after OPEC+ extended voluntary production cuts until the end of the year.

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