Vienna: OPEC Secretary General Haitham al-Ghais emphasized that ensuring the stability and balance of global oil markets remains at the forefront of the organization’s strategic priorities. He clarified that the organization’s policies are not aimed at directing or determining price trends.

According to National Iraqi News Agency, the Secretary General expressed his confidence in the soundness of OPEC’s decisions, predicting that future economic historians will highly value the pivotal role played by the OPEC+ alliance in shielding the global economy from fluctuations in energy supplies. He highlighted the adoption by some member states of “alternative logistical solutions and routes” in collaboration with regional and international partners to address geopolitical tensions in the Strait of Hormuz and ensure a continuous flow of energy.

Al-Ghais also warned of the dangers associated with insufficient funding in the traditional oil sector, underlining the necessity for cumulative investments reaching $17.7 trillion by 2050 to meet expected growth. The “World Oil Outlook 2050” report projects global demand to rise to 124 million barrels per day by 2050, driven by factors such as population growth, urbanization, and a doubling of the global economy. The report advocates for replacing the term “energy transitions” with “energy additions,” considering the integration of different energy sources and record consumption of all sources combined.

Furthermore, the report forecasts a 3% global economic growth in 2026, with oil demand increasing by 600,000 barrels per day. This increase is expected to be matched by a 600,000 barrel per day expansion in non-OPEC+ oil liquids production.