Head of OPEC warns of a 'dangerous' lack of investment in oil

📆 2023-10-02 12:59 PM
📰 CNN

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The head of the Organization of the Petroleum Exporting Countries — a group of the world’s major oil producers — told CNN Monday that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel.

Worldwide, a total investment of at least $12 trillion is needed in the oil industry between now and 2045 to prevent a spike in energy prices, Haitham Al Ghais, OPEC’s secretary-general, told CNN’s Becky Anderson at the ADIPEC energy conference in Abu Dhabi. Underinvestment in the oil sector is “dangerous,” he warned.

” Al Ghais said population and economic growth meant there was “no way on earth” that the world’s future energy requirements could be satisfied by renewables alone, or by relying on hydrogen as an energy source. “We have to make sure that the world has enough energy — stable, affordable, reliable, not intermittent sources of energy,” he added. The comments come just a week after the International Energy Agency predicted that global demand for oil, natural gas and coal was likely to peak by 2030.

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OPEC optimistic on demand, calls for more oil and gas investmentOPEC is optimistic on demand and sees under-investment as a risk to energy security, Secretary General Haitham Al Ghais said on Monday at an energy industry event in Abu Dhabi.
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