Saudi Gazette report
RIYADH — The General Secretariat of Organization of the Petroleum Exporting Countries (OPEC) unveiled the Global Oil Vision 2045 in Riyadh on Monday. OPEC Secretary General Haitham Al-Ghais launched the vision during the inaugural launch of the secretariat’s annual World Petroleum Outlook 2023 on the sidelines of the MENA Climate Week conference 2023.
The move sheds light on OPEC’s unyielding commitment to address climate change while ensuring the long-term viability of the oil industry. The oil vision is a comprehensive roadmap that charts the future course of the oil industry. Its launch is a strategic decision that resonates with the global urgency to combat climate change. The vision encapsulates OPEC’s proactive stance in adapting to future challenges and finding sustainable solutions for the oil sector.
In his speech at the launching ceremony, Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC+ members share the bill for the cost of barrels of oil equally. “We have succeeded in confirming that the Kingdom and the countries of the Middle East and North Africa region are committed to confronting climate challenges,” he said.
Prince Abdulaziz stated that Saudi Arabia seeks to cooperate with other countries and help them move forward by providing energy and renewable energy with an approach to reducing carbon dioxide emissions. “Saudi Arabia is combating energy poverty in the world, and is helping to enable people to improve their lives in terms of health, in addition to ensuring their future,” he added.
On his part, Haitham Al-Ghais said that Saudi Arabia played a fundamental role in supporting global oil markets, during the coronavirus pandemic, and therefore the project was launched in Saudi Arabia. Addressing the Climate Week Conference, he said that there was great interest in climate issues in the Kingdom, and “this event supports climate change and the COP28 summit that will be held in the UAE.”
He pointed to the current year 2023 and the assessments achieved in it related to energy security, reducing carbon emissions, achieving sustainable energy for a greener future for all, and achieving the goals for the year 2025. “We have a research team that prepares reports in order to access all available technologies and the challenges facing the organization.”
Meanwhile, in the wake of the escalating tensions in the Middle East, oil prices jumped by more than $4 per barrel during Monday’s trading session, at the beginning of the week, with Brent, the global benchmark, approaching the level of $90 per barrel, and American crude oil approaching the level of $87 per barrel.
In the backdrop of this, the energy and petroleum ministers of the OPEC+ countries, such as Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the UAE, and OPEC secretary general held a meeting on Sunday in Riyadh. The ministers gave the opportunity to review market conditions, and agreed to continue consultation with all OPEC+ countries, through established mechanisms, including the Joint Ministerial Production Monitoring Committee (JMMC) and ministerial meetings of OPEC member states and participating countries from outside it (ONOMM).
The ministers stressed their commitment to the decisions announced during last June, at the 35th ministerial meeting of OPEC member states and participating countries from outside it, in addition to collective and individual voluntary production adjustments. The ministers once again indicated the readiness of the countries of the Declaration of Cooperation to take additional measures at any time as part of their continuing efforts to support market stability and build on the strong cohesion of the OPEC+ countries.
