OPEC will participate in COP28 with a dedicated pavilion for the first time as per the Secretary General of OPEC announcement.
As per Haitham Al Gais, the pavilion will showcase OPEC’s efforts and initiatives.
In addition to its plans to support the energy transition and reduce carbon emissions.
ADIPEC has shown the importance of the oil and gas industry.
Moreover, Al-Gais said that the current edition of ADIPEC 2023 is particularly important.
Because COP28 will start in less than two months.
Also, ADIPEC has shown the importance of the oil and gas industry in the success of the upcoming climate summit.
Al-Gais added that the UAE is a leading country in reducing carbon emissions and investing in renewable energy.
Also, he said that ADNOC is an example of the UAE’s progress in reducing carbon emissions.
In addition to the pioneering projects of Masdar.
He added: these are clear signs of oil-producing countries ability to contribute to environmental protection and reduce emissions.
Al-Gais also said that OPEC supports the UAE’s hosting of COP28 and is looking forward to a productive and successful conference.
Regarding OPEC’s expectations for future oil levels and the reasons for continued optimism about global demand.
Al-Gais said that global growth is continuing despite some previous declines.
He explained that the organization will release its updated demand forecast next week.
And also energy demand is expected to rise by 25% from current levels.
Because the global population is expected to increase by 1.6 billion by 2045, and the global economy is expected to double.
Al-Gais affirmed that these numbers confirm that the world will need more energy.
As no single source of energy will be able to meet the world’s needs with the expected economic boom and population growth.
“That is why we support investment in the oil industry,” he said.
“We also support the promotion of technology to develop clear methods for reducing emissions.”
Al-Gais: the UAE, Saudi Arabia and Kuwait made optimal use of technology in the oil industry.
Al-Gais said that there are leading countries that have been able to make optimal use of technology in the oil industry.
Such as the UAE, Saudi Arabia, Kuwait, and several African countries.
These countries have invested in carbon capture and storage, green hydrogen, and the circular economy.
Also they are working to reduce greenhouse gases.
Regarding the organization’s work and its vision to expand its membership.
Al-Gais said that he has visited several countries in recent months.
Including Azerbaijan, Mexico, Malaysia, and Brunei.
Also there are plans to visit Russia and Brazil as these countries have significant global oil production and weight.
OPEC doors will remain open if any country wants to join us as long as it has the same goals.
Al Gais added: “OPEC believes in the policy of dialogue and consultation,”
“Therefore, our doors will remain open if any country wants to join us.
As long as it has the same goals and meets the conditions and standards set out in the OPEC charter.”
Al-Gais also said:
“OPEC is in continuous dialogue with producers in USA, Canada, the United Kingdom, and Norway.
The oil market is one, and all producers have a responsibility to ensure energy security and achieve price stability.
The dialogue also includes major consumers such as India, China, and the European Union”
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