Increased investments in the oil industry is needed to meet global energy demands and sustain economic growth, Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Exporting Countries (Opec), has said.

In statements to Emirates News Agency (WAM), he stressed that these investments are crucial for ensuring reliable energy supplies for current and future generations.

Al Ghais said: "Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations."

The OPEC Secretary General pointed out that the increase in investments in the oil industry comes in light of the increase in global demand for energy, as the exploration and production sector needs investments estimated at $11.1 trillion, the refining and manufacturing sector about $1.7 trillion, while the transportation and marketing sector requires investments of $1.2 trillion by 2045.

He highlighted the importance of investments in the energy sector for global energy security and emission reduction, emphasising the role of member states in addressing critical global issues like climate change and energy transition.

He stressed the organisation's active involvement in climate change negotiations, emphasising member states' belief in its global significance. Opec facilitates information exchange and supports members in implementing strategies to reduce emissions, fostering environmentally friendly practices in the oil and energy industry, he said.

Al Ghais noted that Opec members consistently announce and implement initiatives to meet ambitious climate goals, aligning with national commitments under the Paris Agreement. These efforts include innovative projects leveraging diverse natural resources and sector-specific expertise to develop technologies such as carbon capture, utilisation, and storage, enhancing sustainability across all facets of the oil industry.

He emphasised the importance of oil not just as an energy source but also for materials in renewable energy production and various aspects of daily life. He stressed that oil is crucial for global economic growth and access to electricity, especially for the 675 million people who currently lack it.

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