Kuwait: Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais Friday said investing in energy is vital to ensure the market stability.
Delivering a speech during an energy security session as part of energy ministers meeting in Indonesia's Bali, Al Ghais said the OPEC researches assess that the oil sector in all its productivity phases needs investment evaluated at more than USD 12 trillion until 2045 to ensure enough supplies in the future to meet the expected high demand for oil.
He stressed the importance of following a comprehensive approach that includes all kinds of energy sources and techniques to ensure reliable and affordable energy for all.
He recalled the 2020 session of the G-20 under the leadership of Saudi Arabia that resulted in making decisive and historic decisions to address instability due to the COVID-19 pandemic.
On the sidelines of the ministerial meeting held under the umbrella of the G-20, Al-Ghais met with some ministers and officials, including Indonesia's minister of energy and mineral resources Arifin Tasrif, European Commissioner for Energy Kadri Simpson, Secretary General of the International Energy Forum Joseph McMonigle and US U.S. Deputy Secretary of Energy David Turk.