Haytham al-Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has called for more investment in oil production to meet future global needs and make the climate agenda “more balanced and fair”. It has been reported Bloomberg.
He said it’s important for climate negotiators to stop for a moment and look at the big picture.
Al-Ghais stressed that the energy transition must be orderly, inclusive and meet security needs for all.
Formerly al-Ghais declarationIt was stated that oil demand will be at the level of 102 million barrels per day (b/d) in 2023, and this figure will exceed the pre-coronavirus pandemic figure by 1.9 million barrels/day.
On February 10, Deputy Prime Minister Alexander Novak announced that Russia would voluntarily reduce oil production by 500,000 barrels per day in March.
Later, Reuters reported that countries participating in the unofficial OPEC+ format do not plan to reduce or increase oil production due to the reduction in Russia’s raw material production.