The OPEC secretary-general predicts that oil will remain a key component of future energy pathways since petroleum products are necessary for the operation of many different industries.
In line with an organization statement, Haitham Al-Ghais stated that each member nation of the oil producers alliance has a well-defined national electrification plan, which is essential for cutting emissions.
The International Energy Agency’s prediction that the world’s oil consumption will continue to drop due to the increasing adoption of electric vehicles prompted the comments.
According to OPEC projections earlier this month, global oil demand is expected to increase by 1.85 million barrels per day in 2025 and 2.25 million barrels per day in 2024.
The fact that petroleum products are necessary for the operation of other sectors, like electricity, is evidence that we believe oil will continue to be a critical component of future energy pathways, according to Al-Ghais.
“OPEC member countries have well-defined national electrification plans, as part of a common conviction that all energy sources will be required to meet future growth in demand, cut emissions, address energy poverty, and guarantee energy security,” he continued.
Al-Ghais continued by stating that there is no “zero-sum game” involving energy sources and that the transmission of electricity depends on oil and petroleum goods.
He went on to say that switching entirely from oil to electricity is basically difficult.
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