OPEC Optimistic on Demand, Calls For More Oil And Gas Investment

Cat:

Related stories

Peter Obi Blasts Sanwo-Olu Over Alleged Illegal Demolition of Brother’s Lagos Property

By Abiola Olawale The 2023 Presidential candidate of the Labour...

Worsening Insecurity: Ndume Threatens to Abandon APC

By Abiola Olawale Senator Ali Ndume, the lawmaker representing Borno...

Tinubu Congratulates Sanwo-Olu on his 60th Birthday

By Abiola Olawale President Bola Ahmed Tinubu has congratulated Lagos...

Ranked: The 50 Poorest Countries by GDP Per Capita in 2025

Key Takeaways India, the 4th largest country by GDP,...

By Agency Report

OPEC 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.

He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive.

“We still see oil demand as quite resilient this year, as it was last year,” Al Ghais said, noting the group’s forecast was for year-on-year demand growth of more than 2.3 million barrels per day (bpd).

He added that investment in the oil and gas sector was important for energy security.

“We are…running quite low on spare capacity, we have said this repeatedly and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry,” he said.

The call was echoed by United Arab Emirates’ energy minister Suhail al-Mazrouei, who said investment by both international and national oil companies was needed.

“And these investments need the financial world to be willing to finance oil and gas,” Mazrouei said.

He later told reporters that his country is on track to expand its oil production capacity to 5 million bpd by 2027 from 4.2 million bpd currently.

Reporting by Maha El Dahan, Yousef Saba and Alexander Cornwell; Writing by Nadine Awadalla and Ahmad Ghaddar in London; Editing by Louise Heavens, Kirsten Donovan.

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Tears As Former Kwara Gov, ex-minister, former Senator, NADECO Titan, Cornelius Adebayo Dies at 84Peter Obi Blasts Sanwo-Olu Over Alleged Illegal Demolition of Brother’s Lagos PropertyWorsening Insecurity: Ndume Threatens to Abandon APCTinubu Congratulates Sanwo-Olu on his 60th BirthdayRanked: The 50 Poorest Countries by GDP Per Capita in 2025Barde Visits Atiku, Restates Resolve to Rescue GombeThe Oil Price Shock No One Saw ComingTrump Signals Strategic Shift: China Can Buy Iranian OilCourt Fixes October 7 For Arraignment Of MultiChoice CEO, Others Over Alleged Investigation ObstructionINEC Speaks On Why Atiku, El-Rufai, Others' Proposed Party, ADA, Hasn't Been RegisteredPDP National Secretary: NEC Boss, Yakubu, Asks PDP to Clear Air on Anyanwu, Ude-Okoye's StatusAlex Zingman: Atiku Faults Tinubu Again, Demands Clarity On 'Chicago Classmate'Abuja: US Warns Citizens To Avoid Military, Govt. Facilities Amid Iran-Israel ConflictNo Cause For Alarm, Abuja Safe Says FG Despite US Travel Advisory2027: Why Atiku, Amaechi, El-Rufai, Others Coalition May Fail ---Baba-Ahmed
X whatsapp