BAKU, Azerbaijan, September 12. OPEC believes in prudent and realistic approaches to tackle the energy challenges, Haitham Al Ghais, OPEC Secretary General wrote in his article dedicated to the organization’s 65th anniversary, Trend reports.
“Looking ahead, oil will remain vital in the future, with OPEC’s latest World Oil Outlook 2025 seeing oil demand rising to around 123 million barrels a day by 2050. This expansion is driven by the fact that the world will need more energy as economies and populations expand. Energy security for all is critical and is inconceivable without oil,” reads the article.
Haitham Al Ghais points out that the importance of market stability can also be viewed in the fact that oil remains vital to almost every facet of daily life.
“Societal and economic prosperity depend on oil and petroleum-derived products. Without them, cars, buses, trucks and lorries would be stranded, airplanes would be grounded, the construction sector would all but grind to a halt, food production would be devastated, and health products would be difficult to produce,” he noted.
OPEC’s secretary general believes that with billions of people in the developing world continuing to be impacted by energy poverty, it is vital to look at how this growth can be achieved in a sustainable way by all the various energies, balancing the needs of people in relation to their social welfare, the economy and the environment.
“The focus must be on an all-energies, all-technologies and all-peoples approach. Just as in 1960, OPEC believes in prudent and realistic approaches to tackle the energy challenges and opportunities before us, with market stabilization efforts remaining to the fore, as we all look to chart appropriate future energy pathways for nations and peoples worldwide.
While the future is never easy to predict, OPEC’s history and rising energy and oil demand suggest that any claims of the Organization’s waning importance, or indeed any predictions of peak oil in the coming decades, should be taken with a grain of salt,” he added.