Haitham Al-Ghais, Secretary General of OPEC, believes that increasing investments in the oil industry is necessary. To enhance the sustainability of the global energy sector and secure sufficient and reliable supplies to the whole world.

OPEC estimates investment needs in the oil sector until 2045 at about $14 trillion, distributed over $11.1 trillion in exploration and extraction, $1.7 trillion in refining and manufacturing, and $1.2 trillion in transportation and marketing.

Al-Ghais stresses that these investments are not only limited to enhancing global energy security, but will also contribute to the development of emissions reduction technologies.

OPEC member states play a leadership role in addressing climate change and energy transition issues, as they participate in climate change negotiations and provide support to their members to develop effective emissions reduction strategies. They also invest in emissions reduction technologies such as carbon capture and storage and enhanced oil extraction.

Al-Ghais emphasizes that oil plays an important role in human life, as it is not limited to being a major source of energy, but is also used in the manufacture of other forms of energy, such as renewable energy.

He points out that oil plays a pivotal role in making the lives of millions of people more prosperous, as it is used in the manufacture of medicines, hospital equipment, renewable energy and many other fields. Al-Ghais concludes by emphasizing the importance of the oil industry, investing in it and developing it, with great attention to environmental standards.

United Nations reports indicate that about 675 million people in the world lack any source of electricity generation. Which emphasizes the importance of the oil industry in providing energy to the world.