In a recent statement at an energy industry event in Abu Dhabi, OPEC’s Secretary-General, Haitham Al-Ghais, expressed a positive outlook on global oil demand. Al-Ghais emphasized the organization’s belief in the resilience of oil demand, projecting year-on-year growth of more than 2.3 million barrels per day (bpd). He highlighted the critical role of continued investment in the oil and gas industry, dismissing calls to halt such investments as counterproductive. Al-Ghais underscored that energy security remains at risk due to under-investment in the sector, emphasizing the need for a collective effort from all stakeholders to recognize the industry’s importance.
Echoing OPEC’s sentiments, the UAE’s Energy Minister, Suhail Al-Mazrouei, called for increased investments by both international and national oil companies. Al-Mazrouei stressed the importance of financial institutions’ willingness to finance oil and gas projects. Furthermore, he shared that the UAE is on a trajectory to expand its oil production capacity from the current 4.2 million bpd to 5 million bpd by 2027. The statements from OPEC’s leaders underscore their commitment to ensuring energy security through sustained investment in the oil and gas sector.