(MENAFN) Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), has underscored the indispensable role of oil in meeting the escalating global energy demand. In an article published on the Mees website, Al-Ghais emphasized that despite the rapid advancements in alternative energy sources, they cannot fully supplant the vital role of oil. He argued that rather than advocating for the cessation of oil usage, efforts should be directed towards mitigating emissions associated with its consumption.
Al-Ghais cautioned against the pervasive narrative suggesting the imminent demise of oil, citing a report by The Economist newspaper that highlights a concerning trend. He noted the increasing prevalence of terms such as "the end of oil" in articles and discussions, which often downplay or disregard crucial details concerning both current and future oil demand. Al-Ghais expressed apprehension over the potential repercussions of such rhetoric, warning that it could inadvertently support energy policies that disrupt the stability of the energy sector.
The Secretary-General of OPEC raised a pertinent question regarding the implications of decreased investments in the oil sector amidst a continued surge in oil demand. He highlighted the current scenario where despite calls for diversification and renewable energy adoption, global reliance on oil remains steadfast. Al-Ghais's inquiry underscores the necessity of aligning energy policies with the pragmatic realities of global energy consumption trends, rather than succumbing to alarmist narratives that may undermine the stability of the oil market.
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