OPEC Secretary General Warns of Price Hike in All Commodities

OPEC Secretary General Warns of Price Hike in All Commodities

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham al-Ghais warned Monday of price increases in commodities and other products during the coming period due to a decline in investments in the oil and gas sector.

He explained that crude oil and its derivatives are the basic material in most goods and products.

At the 12th Arab Energy Conference, which is held in Doha, Qatar, al-Ghais said the world is shifting to investments in renewable energy while the volume of investments in fossil fuels declined over the past years due to the COVID-19 crisis and the global fight to end the use of fossil fuels.

He said the impact of this decline may not appear now, adding that the world needs investments amounting to $14 trillion until 2045 in the oil and gas sector.

Speaking at the ministerial panel session titled “International Developments in Energy Markets and their Implications for the Arab Energy Sector,” al-Ghais underscored that all forms of energy will be required in the future to meet rising energy demand.

He spoke about the energy transition challenges, amid expectations for the global economy to double and the world population to surge to about 9.5 billion by 2050.

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