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28 Mar 2022

OPEC Secretary General takes part in the Global Energy Forum in Dubai

Dubai, United Arab Emirates, 28 March 2022--OPEC Secretary General, HE Mohammad Sanusi Barkindo, today participated in the Atlantic Council’s Global Energy Forum (GEF) 2022 in Dubai, UAE.

The sixth annual GEF is taking place from 28-29 March 2022 at the site of Expo 2020 in the OPEC Member Country.

The Secretary General took part in a panel session titled ‘Oil and gas in a net-zero world’, which was moderated by Eithne Treanor.

During the session, the Secretary General highlighted the importance and timeliness of the Forum, given the historical times that the energy industry is currently witnessing.

On the future of energy, Barkindo stressed that the role of oil and gas is guaranteed for the foreseeable future. He noted that the energy transition should not be viewed as moving from one source of energy to another, highlighting that all forms of energy will be required in the future.

Referencing OPEC’s World Oil Outlook (WOO) 2021, the Secretary General said that oil and gas are expected to still account for over 50% of the future energy mix in 2045, noting the projected increase in global economic growth and world population.

The Secretary General addressed the topic of the energy trilemma, and stated that it was vital to keep in mind that “energy is a right, not a privilege.”

On climate change, Barkindo underscored that there are no “climate deniers” in OPEC, highlighting that the Organization’s Member Countries have taken measures in accordance with the principles of the United Nations Framework Convention on Climate Change (UNFCCC): equity and common but differentiated responsibilities and respective capabilities.

Addressing the issue of declining investment, the Secretary General underlined the importance of investment to secure future energy needs. He noted that more than $11 trillion is required in the upstream, midstream and downstream oil sectors, referencing the Organization’s WOO.

Barkindo concluded by calling on the Governments of Egypt and the UAE to take up the strategic responsibilities placed on them as hosts of COP27 and COP28, respectively, and start the process of redefining the global conversation on the energy transition, as well as associated challenges and opportunities. He noted that it is vital to recognize that climate goals and the role of the oil and gas are not contradictory.

The Atlantic Council yesterday named Barkindo a Distinguished Fellow in recognition of his outstanding achievements as Secretary General of the Organization and his contributions to the global energy community.