OPEC chief calls for energy investment for market stability
Baku, September 4, AZERTAC
Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Friday that investing in energy was vital to ensure market stability, according to Saudi Gazette.
Delivering a speech at a session on energy security as part of the meeting of energy ministers in Bali, Indonesia, Al Ghais said that OPEC research assesses that the oil sector in all its phases productivity needs investments valued at more than $12 trillion through 2045 to ensure sufficient supply in the future to meet the expected high demand for oil.
He stressed the importance of following a comprehensive approach that includes all kinds of energy sources and techniques to ensure reliable and affordable energy for all.
He recalled the 2020 session of the G-20 under the leadership of Saudi Arabia which resulted in the taking of decisive and historic decisions to deal with the instability due to the COVID-19 pandemic.
On the sidelines of the ministerial meeting held under the aegis of the G-20, Al-Ghais met with ministers and officials, including Indonesian Minister of Energy and Mineral Resources Arifin Tasrif, European Commissioner for Energy Kadri Simpson, International Energy Forum Secretary General Joseph McMonigle and US Undersecretary of Energy David Turk.
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