Doha: HE Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais emphasized that stabilizing and balancing global oil markets are key objectives of OPEC, clarifying that the organization's policies are not focused on influencing oil price trends.
According to Qatar News Agency, His Excellency expressed confidence in the effectiveness of OPEC's decisions, predicting that future economic historians will recognize the crucial role played by the OPEC+ alliance in safeguarding the global economy from severe energy supply fluctuations.
HE the Secretary General highlighted that member states have adopted alternative logistical solutions in collaboration with regional and international partners to address supply constraints caused by geopolitical tensions in the Strait of Hormuz, ensuring the continuous flow of energy to global markets.
His Excellency noted that recent developments in Middle Eastern maritime security are temporary and have been managed with proactive measures. He emphasized the resilience and reliability of member states as energy suppliers and stated that diplomacy remains the best approach for achieving sustainable resolutions.
HE the Secretary General also warned about the risks of underfunding the traditional energy sector and announced the need for cumulative oil investments of $17.7 trillion by 2050 to meet anticipated global demand growth.
He mentioned that OPEC's World Oil Outlook 2050 report forecasts a rise in global oil demand to 124 million barrels per day by 2050, driven by a population increase of 1.4 billion, a doubling global economy, and ongoing urbanization.
His Excellency proposed redefining climate policies, suggesting energy transitions be replaced with energy additions. He highlighted the record levels of coal, oil, gas, and renewable energy consumption in 2025, noting their complementary roles and emphasizing the reliance on oil derivatives in manufacturing renewable energy components.
He pointed out that 655 million people globally lack electricity, and 2 billion lack safe cooking fuel, calling for a comprehensive energy approach that includes all sources, technologies, and populations.
Regarding the short-term market outlook, His Excellency indicated strong market fundamentals, with global economic growth projected at 3% in 2026, driven by the US economy and AI investments in Asian countries like China and India.
HE OPEC Secretary General projected a global oil demand growth of 600,000 barrels per day in 2026, fueled by Asian, Latin American, and African economies. This growth is expected to be balanced by a non-OPEC+ oil liquids production increase of 600,000 barrels per day, reaching 54.8 million barrels per day, led by Brazil, the United States, Canada, and Argentina.