The Secretary General of the Organisation of Petroleum Exporting Countries , Dr. Sanusi Barkindo, yesterday warned that if the calls to halt investments in the oil and gas sector are heeded, the current crisis in the gas market could worsen.
The OPEC helmsman maintained that the objective consensus of the leading energy outlook was that the world would need a broad portfolio of fuel choices to support the post-pandemic recovery and, in the longer term, meet the needs of expanding populations and economies. Even by 2045, Barkindo argued that oil and gas together would continue to provide more than half of the world’s energy needs – with oil at 28 per cent and gas around 24 per cent.
He emphasised that throughout OPEC’s 61-year history, there had been seven major market cycles, and the two in recent years have had a profound impact on investment. “These massive requirements clearly underline that any talk of the need to divert investment away from oil and gas is both disruptive and counterproductive.
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