Venezuelan Oil Industry Has a Lot of Potential: OPEC Secretary Al-Ghais Declared
OPEC Secretary Haitham Al-Ghais (L), Oct. 7, 2024. Photo: teleSUR
October 8, 2024 Hour: 8:13 am
‘Venezuela can do more with the strength and energy that I saw with my own eyes today,’ he stated
In an interview with teleSUR on Monday, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, warned that “the world will need much more energy” by 2050, as an increase in energy demand is expected.
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“One of the challenges we face in the energy world is the lack of investments,” he said, adding that it is necessary to invest now to meet the growing energy demand in the future.
Al-Ghais explained that OPEC published research that extended the projection for the growth of primary energy and oil demand until 2050. The study considered factors such as the increase in the global economy, population growth, the need to end energy poverty, and the rise in urbanization, with projections for the creation of new cities worldwide by 2030.
“This leads to the conclusion that the world will need much more energy from all possible sources, not just oil. Solar, wind, and gas energy will be important for future economic growth,” he said, adding that OPEC supports energy diversification because “from now until 2050, we will need 25 percent more energy, so a single energy source will not make the world flourish with everything it needs.”
Al-Ghais emphasized the importance of investing in oil and gas because, in the past, during times like the COVID-19 pandemic and periods of market volatility, investments have been insufficient. He also highlighted the importance of investing in technologies that help reduce production costs.
“Technologies related to carbon capture, hydrogen, and the circular economy are important because the population is growing, and we must eliminate energy poverty in several parts of the world. Oil will continue to account for 30 percent of the current energy mix,” he stated.
The OPEC Secretary also stressed the need to reduce emissions to protect the environment and recalled that the Paris Agreement on Climate Change urges the reduction of emissions regardless of the type of energy being produced.
“In the OPEC member countries, we are working to introduce these technologies, reduce emissions, and ensure the world flourishes with the energy it will need in the future,” he said, emphasizing the importance of knowledge transfer to guarantee the continuity of the oil industry.
Al-Ghais expressed his pleasure at being in Caracas, given Venezuela’s importance as a founding member of OPEC in 1960. He also met with Venezuelan Vice President Delcy Rodríguez and congratulated her for being the first woman in Venezuelan history to also hold the position of Minister of Petroleum.
“We discussed the current state of the energy market, the future demand for oil and energy, and the challenges facing oil-producing countries,” he said, adding that he met with several Venezuelan deputy ministers and about 350 workers from the Venezuelan state-owned oil and natural gas company PDVSA to discuss the importance of continuing to work in the oil industry.
“I am very proud to be in Venezuela. I always say that Venezuela has the world’s largest oil reserves. The local industry has the potential to increase production. Venezuela can do more with the strength and energy that I saw with my own eyes today,” he said.
teleSUR/ JF Source: teleSUR
