Published on: Saturday, October 12, 2024, 19:20 | Category: Economy
During the 5th High-Level Meeting for Energy Dialogue, the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) reaffirmed the essential role of oil and gas in ensuring the prosperity and advancement of humanity, according to a joint statement from the organizers.
In his address to the meeting, which was held virtually on Thursday, OPEC Secretary General Haitham Al-Ghais emphasized “the pivotal role that oil and gas play in the prosperity and progress of all humankind,” adding that “oil and its derivatives are essential in nearly all aspects of life.”
Al-Ghais further explained—according to the same statement—that the global energy mix will continue to be dominated by oil and gas, which will account for over 53% of total energy demand by 2050.
He also stressed the “urgent need for adequate and appropriate investments to ensure that supply can meet demand,” reminding that “total investment needs for oil up to 2050 are estimated at approximately $17.4 trillion, or around $640 billion annually on average.”
Moreover, Al-Ghais highlighted the importance and value of the ongoing dialogue and cooperation between OPEC and the GECF, stating that “these energy realities remind us of the importance of the work of our two organizations, and that collaboration between us is of great significance.”
GECF Secretary General Mohamed Hamel echoed this sentiment, pointing out the strong partnership between the two organizations, reflected in a series of collaborative initiatives.
According to Hamel, both organizations “have made tangible progress in data exchange and participation in global energy forums, and this partnership is crucial to navigating an ever-evolving energy landscape and addressing the complexities of current energy markets.”
Hamel further underscored the sustainable role of natural gas and oil in the future global energy mix, citing that “GECF’s Global Gas Outlook expects global primary energy demand to rise by 20%, and natural gas demand to increase by 34% by 2050.”
This, Hamel continued, underscores the continued importance of natural gas for sustainable development, energy access, and overall energy sustainability.
He also pointed out that “natural gas is more than just a fuel—it is a key raw material in fertilizer production and plays a significant role in ensuring global food security.”
During the meeting, the participants discussed a range of issues related to sustainable development, energy poverty, clean cooking solutions, technology, investment, energy security, data transparency, and knowledge sharing.
The discussion also covered short- and long-term energy prospects, uncertainties, challenges, and opportunities, as well as future multilateral negotiations.
On this occasion, the importance of cooperation in technical and research areas was highlighted, along with the positive outcome of the 6th Technical Meeting of the OPEC-GECF Energy Dialogue held on October 3.
Finally, the parties agreed to hold the 6th High-Level Meeting for OPEC-GECF Energy Dialogue in 2025 at the GECF headquarters in Doha, Qatar.
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Author: Nor-Eleslam
