The Secretary General of the Petroleum Exporting Countries Organization (OEPEC), Haitham Al Ghais, said that the OPEC  expects that the energy demand will increase and it will reach to its levels as before Coronavirus pandemic during 2023, noting that the petroleum industry needs investments amounting to $12 trillion until 2045 at a rate of $500 billion annually.

Al Ghais’s remarks came during his speech at the opening of Egypt Petroleum Show Exhibition and Conference (EGYPS) 2023. Al Ghais affirmed OPEC’s commitment to ensure market stability and investments aiming to meeting the increasing demand for energy and carbon reduction.

Additionally, the Secretary General called on all those concerned with climate change to look at the issue from another perspective and to work towards an energy transition that guarantees energy security for all, pointing out that Egypt’s wonderful hosting of the COP27 climate conference provided a strategic platform to support a balanced and fair energy transition, and that COP28 will be held in the UAE, a member of OPEC, which It represents a new opportunity to find collective and sustainable solutions.