Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

End of Oil 'Not in Sight', Says OPEC

Sun 28 Apr 2024 | 06:03 AM
Taarek Refaat

Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said that the end of oil is not in sight due to the pace of growth in energy demand, meaning that alternatives cannot replace it at the required rate, and that the focus should be on reducing emissions, not oil consumption.

In an article published by the Middle East Economic Survey (MES) website yesterday, Al-Ghais wrote that there is a “worrying trend of narratives” using terms such as the end of oil, which would promote policies that fuel chaos in the energy sector.

He added in the article, which the site published a link to on the X platform, “What if investments in supplies decrease as a result, and the demand for oil continues to increase, as we are witnessing today?”

"The exploration sector needs investments of $11 trillion by 2045. “The truth is that the end of oil is not in sight,” he wrote.

OPEC believes that oil use will continue to rise in the coming decades, unlike bodies such as the International Energy Agency, which expect it to peak by 2030.

Al-Ghais wrote that the oil sector is investing in technologies such as carbon extraction, use and storage, clean hydrogen, and others, which demonstrates that “it is possible to reduce emissions while producing the oil that the world needs.”

He wrote that the world has invested more than $9.5 trillion in energy transformation over the past two decades, yet wind and solar energy still provide only a little less than 4% of global energy, and the total percentage of electric cars spreading globally ranged between 2% and 3%.

He added, "The truth is that the many alternatives cannot replace oil to the necessary level, or their cost is unaffordable in many areas."