Oil To Remain Primary Energy Source -- Arab Producers Say

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, May 25 (KUNA) -- Oil will remain as the main source to meet energy demands despite recent prognostications showing the commodity could lose its grip on the global energy market, a group of Arab oil producers said on Thursday.
The projected decline in oil supply from 31 percent in 2021 to 28.7 percent by the year 2045, could pave the way for an increase in gas use from 23.2 percent to 24.3 percent in the same period, the secretary general of the Organization of Arab petroleum Exporting Countries (OAPEC) told a gathering in Dubai to discuss what the future holds for the regional energy market.
OAPEC member states are committed to a "global transition" towards clean energy and the use of environment-friendly sources, the official underlined, in addition to efforts aiming to curb greenhouse gas emissions in line with the Paris climate accord.
On the transition towards low-carbon energy investments, he said the matter remains "complicated," while the success of such goals hinges on the level of cooperation between global and government bodies as well as private sector firms, added the official. (end)


Kuwait News Agency (KUNA)

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