Oil industry faces $17.4 trillion investment demand: OPEC SC

سه شنبه, 07 اسفند,1403 08:22 ق.ظ
Oil industry faces $17.4 trillion investment demand: OPEC SC

TEHRAN, Feb. 23 (MNA) – Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais says that the oil industry needs $17.4 trillion worth of investment.

In his visit to Tehran on February 5, he said that suitable ways have been provided to strengthen cooperation between the Organization of the Petroleum Exporting Countries (OPEC) and Iran, a key member state.

During his visit, Al Ghais met with Iranian Oil Minister Mohsen Paknejad to discuss global oil market dynamics, OPEC's strategies to ensure market stability, and Iran's role in the organization.

The discussions also touched on the energy sector's challenges, including geopolitical tensions and the transition to renewable energy. Al Ghais emphasized the importance of unity among OPEC members in navigating these challenges effectively. Following the meeting, he visited the Oil Monitoring Center in Tehran, where he was briefed on Iran's advanced oil production and export monitoring systems. This visit highlighted Iran's technical capabilities and its commitment to transparency in the global oil market.

Later in the day, Al Ghais met with Iranian President Masoud Pezeshkian, where broader economic and energy-related issues were discussed. The meeting underscored Iran's strategic importance within OPEC and its potential to contribute to the organization's objectives.

President Pezeshkian expressed Iran's support for OPEC's efforts to stabilize oil markets and ensure fair returns for member countries.

The visit concluded with a comprehensive interview with the SHANA news agency, Iran's leading energy news outlet. In the interview, Al Ghais elaborated on the outcomes of his meetings and emphasized the importance of dialogue and collaboration among OPEC Member Countries.

He highlighted the need for a balanced approach to energy transition, ensuring that oil-producing nations are not left behind in the global shift toward cleaner energy sources.

Al Ghais also expressed optimism about Iran's future contributions to OPEC and the global oil market, noting that the country's expertise and resources are vital to the Organization's success