Doha, September 06 (QNA) - HE Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais stressed that ensuring the stability and balance of global oil markets is at the forefront of the OPEC's strategic priorities, clarifying that its policies are not aimed at directing or determining oil price trends.

In an exclusive interview with Qatar News Agency (QNA), His Excellency expressed deep confidence in the soundness of OPEC's decisions, anticipating that future economic historians will highly value the pivotal and positive role played by the OPEC+ alliance in protecting the global economy from sharp fluctuations in energy supplies.

HE the Secretary General revealed that member states have resorted to adopting alternative logistical solutions and routes in cooperation with regional and international partners to mitigate the impact of supply constraints resulting from geopolitical tensions in the Strait of Hormuz and to ensure the continued flow of energy to global markets.

His Excellency explained that the recent developments concerning the security of maritime routes in the Middle East represent a temporary situation that has been addressed with proactive solutions. He stressed that member states have demonstrated remarkable resilience and a long-standing commitment as a reliable source of supply, adding that oil will remain vital to daily life and that diplomacy will continue to be the best way to achieve lasting solutions.

HE the Secretary General warned of the dangers of insufficient funding in the traditional sector, announcing that meeting the anticipated growth in global demand will require cumulative oil investments reaching $17.7 trillion by 2050.

HE said that the long-term projections adopted in OPEC’s World Oil Outlook 2050 report indicate that global oil demand will rise annually to 124 million barrels per day by 2050, driven by a projected population increase of 1.4 billion, a doubling of the global economy, and continued urbanization.

His Excellency proposed a new concept for redefining climate policies, calling for the replacement of the term energy transitions with energy additions. He pointed out that the world recorded unprecedented levels of simultaneous consumption of coal, oil, gas, and renewable energy in 2025.

Energy sources complement each other, not compete with one another, HE emphasized, explaining that the manufacturing of wind turbines, solar panels, and electrical grid components relies entirely on oil derivatives and plastics. He noted that 655 million people worldwide lack access to electricity, and 2 billion suffer from a lack of safe cooking fuel, necessitating a comprehensive approach that encompasses all energy sources, technologies, and populations.

Regarding the near-term market outlook, His Excellency stated that market fundamentals remain strong and robust, with global economic growth projected at 3% in 2026, supported by the momentum of the US economy and significant investments in AI in Asian countries such as China and India.

Based on these indicators, HE OPEC Secretary General anticipated global oil demand growth of 600,000 barrels per day in 2026, driven by the economies of Asia, Latin America, and Africa. This growth is expected to be offset by an anticipated expansion in non-OPEC+ oil liquids production of 600,000 barrels per day, reaching 54.8 million barrels per day, led by Brazil, the United States, Canada, and Argentina. (QNA)