The blue logo of the organization of Petroleum Exporting countries (OPEC) is displayed on 9 June 2025 on the mask of its headquarters building in Vienna, Austria.
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OPEC says more than 1,000 ministers, CEOs, policy makers, analysts and journalists were invited to its biennial seminar to discuss major trends in oil and gas markets and green infections.
Three of the main subjects were under discussion:
Green infection
During speeches and interviews, OPEC ministers advocated for a double-winging approach to more green infections, which still allows investing in hydrocarbons to avoid the lack of supply, while the availability of renewable items increases.
Saudi Rajkumar and Energy Minister Abdulziz bin Salman said during his special comments on Wednesday, “Oil and gas will be necessary. Especially in transport, in heavy industries, and in the development of emerging economies,” In the development of emerging economies, “It is encouraging to see that many countries are now taking more practical approach to the infection, are re -assuring the timelines, supporting the policies and supporting the policies and supporting the polls. Confirming the role of hydrocarbons. “
OPEC general secretary Hatham Al-Ges on Thursday resonated the scene in an interview with Dan Murphy of CNBC:
“It is not understood that the world does not invest in all sources of energy. We need to invest in technologies to deal with emissions and reduce emissions,” he said.
Critics have questioned this approach – And the OPEC members to host the United Nations Copes Climate Conference in 2023 – as a potential greenwashing and serve the interests of Middle Eastern countries that depends heavy on oil revenue. Back to late 2021, then US President Joe Biden Call OPEC+ manufacturer Saudi Arabia and Russia – the world’s major crude importers with China – not enough in the fight against climate change. Both Riyadh and Moscow have promised to reach Net-Giro Greenhouse gas emissions by the first 2060, while Washington says it will be hit by that milestone by 2050.
The White House has transferred some gear to some extent under Donald Trump’s second administration, which is staunchly champion “Nickery“And called for high domestic oil production.
Oil outlook
OPEC’s World Oil Outlook 2050-groups were released on a wide-freed analysis compared to the menstrual oil market report, with an estimate of oil demand between 2024 and 2050 with 18.2 million barrels of oil, between the major development drivers with 18.2 million barrels of oil, India, Middle East and Africa. The combined part of oil and gas in the global energy mixture remains above 50% in the analysis period.
The short -term demand for OPEC and its oil producing colleagues has also been at the forefront, known as OPEC+. Eight OPEC+ Members – Heavyweight producers Russia and Saudi Arabia with Algeria, Iraq, Kazakhstan, Kuwait, Oman and United Arab Emirates – On 5 July “Low oil inventions” and “a stable global economic approach and current healthy market basic things have been cited as a 548,000 barrel-day increase in August to open a set of its voluntary production cuts and further increase the speed of decision making.
Saudi Energy Minister Abdulziz bin Salman speaks during the annual future investment initiative (FII) conference in Riyadh on October 29, 2024.
Fayez Nureldine | AFP | Getty images
Speaking to reporters on Wednesday morning, UAE Energy Minister Suhail al-Majrai said, “The market is much deeper than what is believed in my decision.”
He insisted that he had no concern over the possible supply overhang as a result of rapid increase in production.
“No, I am not worried, because we balance every time we decide. And you can see that even with growth … we have not seen the major build-up in the inventory. Which means the market needed those barrels,” he said.
Capacity
OPEC ministers renewed calls for additional investment in oil and gas sector, decreasing between low oil prices and ongoing green infections to promote capacity levels. OPEC’s World Oil Outlook 2025 estimates that “firmly” supplies markets and offset the natural decline in mature areas will require more than 2025-2050 global oil investment of more than $ 2050.
In its latest World Energy Investment ReportThe International Energy Agency estimates that the expectations of oil prices and demand will reduce oil investment by 6% in 2025 in 2025, in 2020 the first year-to-year fall since the Covid-19 epidemic and the largest downtic since 2016.
“I also have to say that there should be appropriate action in terms of increase in demand, investment and gas production and delivery – infrastructure – and this investment must be made today,” Azari Energy Minister Parviz Shahbazov said on Wednesday’s panel.
An oil pumpjack is seen in an area on 08 April 2025 in Nolan, Texas.
Brandon Bell | Getty Image News | Getty images
In the same conversation, Al-Mazraui of the UAE said, “Today reality, we are losing-you see the extra ability of the world-this number is decreasing, year after year. Because more countries are now in the environment when they cannot produce last year.”
He admitted that it was also a case among OPEC+ producers.
Additional capacity has been a boon of controversy and precious leverage during the quota dialogue with both OPEC countries – such as Iraq, Kazakhstan and UAE – are first dying to take outputs to correspond to their high capabilities.
Speaking mainly from the side, the Indian Petroleum Hardip Singh Puri Minister told CNBC’s Dan Murphy that “prices should be stable and estimated, so that it is worth the global consumer’s time, as well as not to reduce investment in the field.”
