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Secretary-General of OPEC is c...

OIL AND GAS

Secretary-General of OPEC is confident that oil will reclaim the number one position soon

Secretary-General of OPEC is confident that oil will reclaim the number one position soon
The Silicon Review
30 September, 2021

OPEC has reported that fuel demand will reach the pre-pandemic level by the end of next year and continue to rise up to 1.7mn barrels per day

It is a well-known fact that companies are moving towards sustainability and green options now and trying to reduce their fossil fuel usage. However, experts are suggesting that it is a wrongheaded approach to completely stop investment in fossil fuel and pivot towards greener energy. The Head of OPEC has stated that the demand for fossil fuel will skyrocket, and in coming years, Covid recovery will also boost the same. OPEC has reported that fuel demand will reach the pre-pandemic level by the end of next year and continue to rise up to 1.7mn barrels per day.

Mohammad Barkindo, Secretary-General of OPEC, has stated that we have to keep the funds flowing in order to maintain the surge in demands. If people are not investing up to the required levels, then the necessary upcoming developments will go to some other region of the world like Europe, for example. This will leave a long-term scar not only for people involved in production but also for the consumers as well. The latest oil flow reports show that we will need investments of almost $11.8 trillion between 2021 and 2045 in all the streams sectors. Oil will eventually take the number one position and contribute to almost 28 percent of global energy demands by 2045.