The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) highlighted, during their 5th high-level meeting of the energy dialogue, the importance of oil and gas for prosperity and progress of humanity, indicates a joint press release from the two organizations.
Speaking at this meeting, held last Thursday by videoconference, OPEC Secretary General Haitham Al Ghais highlighted “the vital role that oil and gas play in the prosperity and progress of all human beings”, noting that “oil and oil-derived products are essential to almost every aspect of life.”
Quoted by the press release, Mr. Al Ghais insisted, during this meeting which he co-chaired with the SG of the GECF, Mohamed Hamel, that “life without oil and gas is unimaginable”, adding that the combined share of oil and gas in the energy mix will remain above 53% in 2050.
To this end, he underlined “the crucial need for adequate and timely investments to ensure that supply meets demand”, recalling that “for oil alone, the total investment needs until 2050 are estimated at $17.4 trillion, or about $640 billion per year on average.”
Mr. Al Ghais therefore highlighted the importance and value of the ongoing dialogue and collaboration between OPEC and GECF, saying that “these energy realities remind us why the work of our two organizations is so essential and why the cooperation between us is so important.”
For his part, the GECF SG highlighted the strong partnership between the two organizations, which has resulted in a series of collaborative initiatives.
“Both organizations have made significant progress in data exchange and joint participation in global energy forums. This partnership is essential to navigate a constantly evolving energy landscape and deal with the complexities of current energy markets,” said Mr. Hamel, quoted in the press release.
He also highlighted the sustainable role of natural gas and oil in the future global energy mix, recalling that “the GECF global gas outlook forecasts that global demand for primary energy will increase by 20%, and that demand for gas natural resources are expected to increase by 34% by 2050.
This highlights the continued importance of natural gas for sustainable development, energy access and sustainability, he said.
Mr. Hamel, in this context, noted that “natural gas is more than a simple fuel, it constitutes an essential raw material in the production of fertilizers and contributes to ensuring global food security.”
Note that during the meeting, the parties discussed issues related to sustainable development, energy poverty, clean cooking solutions, technology, investment, energy security, data transparency and exchange of knowledge, explains the press release.
They also discussed the short and long-term energy outlook and related uncertainties, challenges and opportunities, as well as upcoming multilateral negotiations.
On this occasion, the importance of cooperation at the technical level and research was underlined, as well as the positive result of the 6th technical meeting of the OPEC-GECF energy dialogue which was held on October 3.
Finally, it was agreed to hold the 6th high-level meeting of the OPEC-GECF energy dialogue in 2025 at the GECF headquarters in Doha (Qatar).
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