(CTN News) – Haitham Al Ghais, the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), declared on Monday that the energy mix is not a zero-sum game.
He made this statement with regard to the energy mix. Concerning the discussion that took place on Monday, this statement was made in response to the conversation.
According to him, the process of raising the rate of electrification and creating power networks all over the world demands the utilisation of petroleum and products that are derived from natural resources. This involves the utilisation of both natural resources and petroleum.
In response to declarations that there will be only one victor in the effort to “electrify everything,” the head of OPEC made a statement that refuted those claims.
Oil Exporting Countries is abbreviated as OPEC.
“”The Organization of the Petroleum Exporting Countries (OPEC) does not believe that energy sources are locked in a zero-sum game; that the history of energy can be characterized by a series of “energy replacement events.
As Al Ghais asserted in an article published on Monday on the website of the Organization of the Petroleum Exporting Countries (OPEC), this is in agreement with what the author stated.
When the facts are taken into consideration, it becomes abundantly evident that the oil industry does not function in a vacuum, with no connections to the activity of other businesses and industries. As the secretary general elaborated further, the adaptability of petroleum and the products that are made from petro
leum ensures that they play an essential part in a broad variety of different businesses and sectors. This is because petroleum and the items that are generated from petroleum are the most versatile resources.
According to Al Ghais, oil is an essential component in the production and transportation of commodities that are necessary for the expansion of power networks in order for them to be able to absorb increasing proportions of renewable energy sources.
Since oil is a component that is important to the production and transportation of these commodities, calls for a halt to investment in oil and gas are irresponsible.
Both OPEC oil production and transportation are oil-dependent.
According to a letter that was written by the secretary general of the Organisation of Petroleum Exporting Countries (OPEC), “To put it simply:
calls to halt new investments in oil projects puts the production of oil products essential for the smooth functioning and expansion of the electricity grid in jeopardy by putting the production of oil products in jeopardy.” An official letter made the statement.
Forecasts made by energy experts and the International Energy Agency (IEA) that oil is on track to reach a peak in consumption this decade and that renewable energy sources will rapidly replace a significant portion of the world’s demand for oil have recently been criticised by the Organisation of the Petroleum Exporting Countries (OPEC) and its leader.
These forecasts were made in response to the fact that the IEA believed that oil consumption would reach its peak this decade. In response to the fact that the International Energy Agency (IEA) and other energy experts have anticipated that the consumption of oil will reach its highest point during this decade, these estimates were developed.
It has been more than a month since Haitham Al Ghais issued a remark in which he asserted that the peak demand for oil is not on the horizon.
In addition, he challenged the prediction that was provided by the International Energy Agency, which indicated that the global demand for oil will reach its highest point prior to the year 2030.
In accordance with his viewpoint, “It is a dangerous commentary, especially for consumers, and it will only lead to energy volatility on a scale that could potentially be unprecedented.”
SOURCE: OPN
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Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
