RIYADH: The Organization of the Petroleum Exporting Countries (OPEC) has unveiled its Global Oil Vision 2045 in Riyadh on Monday, Saudi Gazette reported.
OPEC Secretary General Haitham Al-Ghais unveiled the vision during the launch of the secretariat’s annual World Petroleum Outlook 2023 on the sidelines of the MENA Climate Week conference 2023.
OPEC’s new vision shows its unyielding commitment to address climate change while ensuring the long-term viability of the oil industry.
The oil vision charts the future path of the oil industry. Its launch is a strategic decision that echoes with the global urgency to fight climate change. The vision demonstrates OPEC’s practical approach in adapting future challenges and finding workable solutions for the oil sector.
OPEC countries committed to fight climate challenges
Saudi Energy Minister Prince Abdulaziz bin Salman on the occasion said that OPEC+ members share the bill for the cost of barrels of oil equally. He said Saudi Arabia and the countries of the Middle East and North Africa region are committed to fight climate challenges.
Prince Abdulaziz went on to say that Saudi Arabia wants to help other countries by providing them energy and renewable energy with an approach to reducing carbon dioxide emissions.
Haitham Al-Ghais lauded the role played by Saudi Arabia in supporting global oil markets, during the coronavirus pandemic. He told the Climate Week Conference that there was great interest in climate issues in Saudi Arabia.
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Meanwhile, due to the escalating tensions in the Middle East, oil prices have jumped by more than $4 per barrel during Monday’s trading session, with Brent approaching the level of $90 per barrel, while American crude oil stood at $87 per barrel.
The energy and petroleum ministers of the OPEC+ countries, namely as Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the UAE, and OPEC secretary general also held a meeting on Sunday in Riyadh.
The ministers reviewed market conditions, and agreed to continue consultation with all OPEC+ countries, through established mechanisms, including the Joint Ministerial Production Monitoring Committee (JMMC) and ministerial meetings of OPEC member states.
The ministers expressed their commitment to the decisions announced during last June, at the 35th ministerial meeting of OPEC member states.
