Stabilizing oil markets is absolute priority, not price manipulation: OPEC Secretary General

Haitham Al Ghais, Secretary General of OPEC, emphasized that maintaining stability in global oil markets is their top priority, not meddling in price movements. In an interview with Qatar News Agency, Ghais expressed confidence in OPEC's decisions, anticipating the alliance's significant contribution to stabilizing energy supplies and averting economic volatility.

Member states have sought alternative logistics and routes with partners to counteract supply shortages from geopolitical tensions in the Strait of Hormuz, aiming to keep energy flowing to markets worldwide.

Ghais highlighted that recent security concerns in Middle Eastern maritime routes were short-term and addressed through proactive measures. He praised member states for their resilience and reliability as a dependable supply source, emphasizing that oil will remain essential to daily life, and diplomacy will continue as the primary strategy for lasting solutions.

The Secretary General warned against the risks of insufficient funding in the conventional sector, projecting that meeting the expected increase in global demand will necessitate investments totaling $17.7 trillion by 2050. OPEC's World Oil Outlook 2050 predicts a rise in global oil demand to 124 million barrels per day by 2050, driven by population growth, economic expansion, and ongoing urbanization.

Ghais introduced a new concept for addressing climate policies, replacing 'energy transitions' with 'energy additions.' He pointed out that 2025 witnessed the simultaneous use of coal, oil, gas, and renewable energy at unprecedented levels. Energy sources support each other, not compete, as the production of wind turbines, solar panels, and electrical grid components relies on oil derivatives and plastics.

Six hundred fifty-five million people globally lack access to electricity, and two billion lack safe cooking fuel, necessitating a comprehensive approach involving all energy sources and technologies.

Regarding the short-term market outlook, Ghais stated that market fundamentals remain strong and robust, with global economic growth projected at 3% in 2026, fueled by the US economy and significant investments in AI in Asian nations like China and India. Based on these indicators, OPEC anticipates global oil demand increasing by 600,000 barrels per day in 2026, offset by a projected rise in non-OPEC+ oil liquids production to 54.8 million barrels per day, led by Brazil, the US, Canada, and Argentina.