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OPEC named the reasons why the world cannot afford to abandon the “black

Calls to abandon oil are “wrong and unrealistic”: OPEC named the reasons why the world cannot afford to abandon “black gold”

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03/24/2024 23:33

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haytham al-Ghais expressed concerns about a shift away from oil due to climate concerns.

In his opinion, the abandonment of oil could lead to serious consequences for the production of food, medicine and equipment for renewable energy sources. In an interview with the Kuwait News Agency, al-Ghais called calls for a phase-out of oil “wrong and unrealistic”, emphasizing that oil makes up 31% of the world’s energy mix and plays an important role in the global economy.

In his opinion, the abandonment of oil could negatively affect various areas, including road, sea and air transport, food production, medicines and medical supplies, as well as lead to a shortage of basic goods such as soap and toothpaste, TASS reports.

OPEC predicts an increase in oil demand in the coming decades. According to the organization, by 2045, global oil demand could reach 116 to 120 million barrels per day. Meeting this demand requires significant investment of approximately $14 trillion in various sectors of the oil industry.

OPEC also confirmed its forecasts for oil demand growth in 2024 and 2025. During these years, oil demand may reach 104.46 million barrels per day and 106.3 million barrels per day, respectively. The organization sees support for oil demand in high demand for air travel, road transport and activity in industry, construction and agriculture, especially in countries outside the Organization for Economic Cooperation and Development.

Author Oleg Loginov

Oleg Loginov – student at the National Research University Higher School of Economics, freelance correspondent for Pravda.Ru

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