RIYADH: Haitham Al-Ghais, the secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), emphasized the organization’s commitment to ensuring market stability while addressing the need for reducing emissions during his speech at the 8th OPEC International Seminar in Vienna on Wednesday.
Al-Ghais highlighted the significance of oil for billions of people worldwide and stressed the importance of achieving sustainability without compromising the needs of future generations. He stated, “The concept of sustainability is essentially about balance,” and emphasized the need to maintain a balance between economic viability, environmental protection, and social equity.
Acknowledging the pressing global concern of greenhouse gas emissions, the secretary-general reiterated OPEC’s support for efforts to reduce emissions. Al-Ghais stated, “We recognize this reality and constantly strive to reduce our environmental footprint,” underscoring the organization’s commitment to a sustainable and inclusive energy transition.
However, Al-Ghais also emphasized the importance of inclusivity in the ongoing energy transition, urging all stakeholders to have their voices heard. He stated, “Inclusivity relates to ensuring that all voices are heard in discussions of the energy transition, including developing and developed countries, producers and consumers.”
OPEC and Climate Goals
Regarding climate goals outlined in the Paris Agreement, Al-Ghais noted that renewable energy sources alone are insufficient to achieve those targets. He stated, “There is no one-stop solution to achieve sustainability. Multiple pathways should be embraced to reach the goals of the Paris Agreement,” emphasizing the need for diverse approaches.
Al-Ghais concluded his speech by emphasizing the significance of both the history and future of the oil industry and the planet. He stated, “While we rightly celebrate and focus with pride on our history, we also have to focus on our future; the future of our industry and the future of our planet.”
Antonio Oburu Ondo, president of the OPEC Conference in 2023 and Equatorial Guinea’s minister of mines and hydrocarbons, also underscored the importance of oil for the world, stating, “The energy reality is that the world cannot do without oil.”
Meanwhile, UAE Energy Minister Suhail Al-Mazrouei expressed optimism regarding the latest additional oil output export cuts made by Saudi Arabia and Russia. He stated that these cuts could help balance the oil market. Saudi Arabia extended its voluntary output cut of 1 million barrels per day until August, while Russia and Algeria volunteered to lower their August output and export levels by 500,000 and 20,000 barrels per day, respectively. Al-Mazrouei confirmed that the UAE would not be contributing to further cuts.