OPEC Secretary General Tells Market Stability, Not Oil Prices, Is Top Priority

OPEC Secretary General Haitham Al Ghais said that maintaining stability and balance in global oil markets remains the organisation's top strategic priority, stressing that OPEC does not seek to direct or determine oil-price movements.

Al Ghais expressed confidence in the organisation's decisions and said the OPEC+ alliance has played an important role in protecting the global economy from severe fluctuations in energy supplies.

He said OPEC member countries have adopted alternative logistical routes in cooperation with regional and international partners to ease supply constraints linked to geopolitical tensions in the Strait of Hormuz and help maintain energy flows to global markets. He described the recent challenges surrounding maritime security in the Middle East as temporary and said member countries had demonstrated flexibility in responding to them.

Looking further ahead, Al Ghais warned of the risks posed by insufficient investment in the conventional oil sector. He said meeting projected global demand will require cumulative oil-sector investment of $17.7 trillion by 2050.

OPEC's World Oil Outlook 2026 projects global oil demand reaching around 124 million barrels per day by 2050, supported by population growth, continued urbanisation and expansion in the global economy.

Al Ghais also argued for a broader approach to future energy policy, saying different energy sources should be viewed as complementary rather than competing. He highlighted the need for an inclusive approach encompassing different energy sources and technologies while addressing energy access for populations that still lack electricity or safe cooking fuels.

For the near term, Al Ghais said market fundamentals remain strong. He expects global oil demand to grow by 600,000 barrels per day in 2026, led by economies in Asia, Latin America and Africa. He also expects non-OPEC+ liquids production to expand by 600,000 barrels per day to 54.8 million barrels per day, led by Brazil, the United States, Canada and Argentina.

Source: QNA

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