The Organization of the Petroleum Exporting Countries and its allies, known as OPEC +, will continue to monitor the oil market from month to month and take what is necessary to ensure market stability, said OPEC Secretary General Mohammad Barkindo Wednesday.
“We will continue to take a month-on-month approach to assessing market conditions and stand ready to take necessary steps through the Assurance of Cooperation partners,” he said in prepared comments to the S&P Global Platts Americas Virtual Petroleum and Energy Conference on Wednesday, citing OPEC + agreement to limit production.
In his remarks, he stressed the importance of ensuring that there is enough energy to meet long-term demand.
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The world will need more energy in the coming decades, Barkindo said, revealing that by looking in the long run to 2045, the global economy is expected to more than double .
“The basic challenge is simple,” he said. “How can we ensure that there is an adequate supply of energy to meet expected energy growth, and how this growth can be achieved in a sustainable way – balancing people’s social welfare needs, the economy and the environment? ”
It is vital that the required investments are made in all energy to ensure a sustainable and sustainable supply and to help reduce and, ultimately, eliminate emissions, ”he said.
At the same time, he also stressed that “we do not deny climate change,” and science and statistics say “we need to reduce emissions and use energy more efficiently. ”
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“We do not deny climate change.”
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Renewable energy sources are “coming of age, with wind and sun expanding rapidly but even by 2045, just over 20% of the world’s energy mix is being produced,” he said. Oil and natural gas will still supply more than 50% of the world’s energy needs by 2045, he said, with oil at around 27% and gas at 25%.
On Wednesday, prices for both West Texas Intermediate crude CLH21,
US benchmark, and Brent crude BRNH21,
the global benchmark, it stood close to the levels at which they traded before COVID-19 pandemics wreaked havoc on the global economy.
March WTI crude settled at $ 52.85 a barrel, up 24 cents, or 0.5%, while March Brent crude went down by 10 cents, or 0.2%, to $ 55.81 a barrel.
Reputable forecasts do not indicate that “renewables will come anywhere near oil and gas in the coming decades, Barkindo said.
He also welcomed the Biden administration’s decision to revert to the Paris climate agreement and said that “the movement of energy and the global dialogue around it would be infinite without the United States at the head of the multi-party agenda. lateral. ”
At the same time, the global economic recovery has been “fragile and uncertain,” Barkindo said. Replaceable locks will be a “hard reminder of how calm the situation is. Nevertheless, we are cautiously optimistic about the global economic recovery of 2021. ”
“Overall, the sustainability of the energy market will be critical to the sustainability of energy transition,” he said.