OPEC Secretary General warns, once again, against calls and initiatives to eliminate the use of oil due to its impact on the environment, believing that fossil fuels remain essential for development and economic growth and social well-being across the world.
“We must be careful not to endanger the present, in the name of safeguarding the future. It is important that we all fully understand the immense benefits that oil and the petroleum products derived from it continue to bring to people and nations around the world,” said Haitham Al Ghais in a message posted on the company’s website. ‘OPEC.
Of course, writes the OPEC SG, “everyone wants to see greenhouse gas emissions reduced. OPEC believes that technological solutions and efficiency improvements can play a vital role. The oil industry is already proactive in this regard.
Entitled “If oil disappeared tomorrow…”, the OPEC SG’s speech lists a long list of “everything that would be impacted” if such a scenario materializes. “If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be exhausted. Industrial production would be paralyzed.
Economic growth would reverse. The plight of people in fuel poverty would be worsened,” writes Mr. Al Ghais, stressing that “despite these realities, calls are being heard to say ”Just stop the oil”, ”Keep it in the ground” or ”Don’t invest in new oil and gas projects”.
If oil disappeared tomorrow, Mr. Al Ghais further emphasizes, “the renewable energy industry would be affected. The fiberglass, resin or plastic needed to build most wind turbines would disappear. The ethylene used in the production of solar panels would disappear…”
If oil disappeared tomorrow, notes the OPEC SG, “petroleum products would disappear with it. This would impact the production of electric vehicles (EVs). In addition to the disruption of supply chains, the structure of lithium-ion batteries would be affected…”
To support his analysis on “the predominant place of oil in the future”, the OPEC SG lists another long list of repercussions. He writes: “If oil disappeared tomorrow, there would be no jet fuel, gasoline or diesel. Cars, buses, trucks and coaches with internal combustion engines would be blocked.
Planes powered by jet fuel would be grounded. Rail transport of goods and passengers powered by diesel would stop…” For the OPEC SG, the impact will also affect “most telephones and computers (…), the construction sector will would stop, because diesel vehicles would be blocked (…), food production would be devastated (…) and it would otherwise be catastrophic for health services around the world and for the general well-being of populations, whether in terms of transport, roads, housing.
