Oil sector investments ‘not enough’, more is needed: OPEC Secretary General

07/07/2023 Argaam

Oil sector investments ‘not enough’, more is needed: OPEC Secretary General

Haitham Al Ghais, OPEC Secretary General

Investments in the global oil sector are no longer sufficient, said Haitham Al Ghais, OPEC Secretary General, stressing the need for more investments to fulfill future demand.

 

The global oil sector needs investments of $12 trillion until 2045, as they declined from $500 to $200 billion annually after 2016, Al Ghais told Al Arabiya.

 

He also noted that OPEC members already tapped the renewable energy industry, but this should not come at the expense of the conventional energy.

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