OPEC says that “the world cannot live without oil” and will not be able to in the foreseeable future – Sectors – Economy

OPEC says that “the world cannot live without oil” and will not be able to in the foreseeable future – Sectors – Economy

The acting president of the OPEC (Organization of the Petroleum Exporting Countries)Antonio Oburu Ondo, from Equatorial Guinea, stated this Wednesday, July 5 in Vienna (Austria), that “the world cannot live without oil” and that it will not be able to do without this fossil source in the foreseeable future, given the planet’s energy needs.

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“The reality of energy is that the world cannot live without oil,” said Oburu Ondo, Minister of Mines and Hydrocarbons of Equatorial Guinea, one of Opec’s 13 partners.

Ondo said that oil has been “central” in the past, is “crucial” for the present, and will be “fundamental” for the future of society.

“It is a permanent consumer good. We cannot do without it,” he insisted.

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“Oil plays a central and fundamental role in life, but the industry (of the sector) must minimize its environmental impact,” he said.

Photo:

Jamie Moreno. WEATHER Archive

The minister gave the opening speech at the eighth OPEC International Seminar, a two-day conference that brings together dozens of officials from the fossil fuel industry and climate change experts in Vienna.

Under the motto ‘Towards a sustainable and inclusive energy transition’, the forum was opened by the Secretary General of Opec, the Kuwaiti Haitham Al Ghais, who also highlighted the importance of crude oil while advocating the promotion of technologies that reduce its emissions. greenhouse effect.

“Oil plays a central and fundamental role in life, but the industry (of the sector) must minimize its environmental impact,” he said.

Al Ghais advocated that the energy transition is based on “the three pillars of sustainability: economic viability, environmental protection and social equity”, and considered that each country and region must find its own way to reduce emissions. “There is no single path to the climate challenge,” he said.

Several Austrian and international press associations protested against what they called an arbitrary decision against freedom of information.

The positions expressed by those responsible for the open They are not new and coincide with those of other defenders of the oil industry, on which the income of the countries of the organization highly depends.

They are especially concerned about the growing difficulties they are encountering in attracting capital flows to their industries, something that is already reducing the productive capacity of several of them, while investments in renewable energies are growing.

“We must pay close attention to the decrease in investment in the sector,” Azerbaijani Energy Minister Parviz Shahbazov stressed at the forum.

The OPEC seminar is held amid the organization’s controversial decision to remove journalists from the international media Reuters, Bloomberg and Wall Street Journal (WSJ).

Several Austrian and international press associations protested against what they called an arbitrary decision against freedom of information.

own openthat it has not given details about the exclusions or the reasons why it does allow access to other media, assures that it is a new communication strategy, without revealing details about it.

EFE

By Mitchell G. Patton

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