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OPEC optimistic on oil demand, pushes for sustained investment

02.10.23 22:00

Organization of Petroleum-Exporting Countries (OPEC) is positive about demand and sees underinvestment as a risk to energy security, Secretary-General Haitham Al Ghais stated on Monday at an energy industry event held in Abu Dhabi.

He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive.

"We still see oil demand as quite resilient this year, as it was last year," Al Ghais said, noting the group's forecast was for year-on-year demand growth of over 2.3 million barrels per day (bpd).

He added that investment in the oil and gas sector was important for energy security.

"We are...running quite low on spare capacity, we have said this repeatedly and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry," he said.

The call was echoed by United Arab Emirates' (UAE) energy minister Suhail al-Mazrouei, who said investment by both international and national oil companies was needed.

"And these investments need the financial world to be willing to finance oil and gas," Mazrouei said.

He later told reporters that his country is on track to expand its oil production capacity to 5 million bpd by 2027 from 4.2 million bpd currently, Reuters reports.