Al Ghais: Peak oil demand not on the horizon

Vienna, Austria, 13 June 2024--In a recent article published by Energy Aspects, HE Haitham Al Ghais, OPEC Secretary General, emphasized that oil is set to play a key role in human lives for years and decades to come. “Peak oil demand is not on the horizon,” he stated.

In reference to the global energy mix, the Secretary General noted that while “OPEC welcomes all the progress made in renewables and EVs, it is nowhere near close enough to replace 80% of the energy mix,” adding, “We should also remember that the development of renewables and EVs requires some oil-related products. Their future expansion will add to oil demand.”

The Secretary General also highlighted in the article that “everyone is free to have an opinion, but it is important that this is based on the realities we see before us today,” noting that it is clear that we need to “prioritize energy security, utilize all available energies, deliver energy affordability, enhance sustainability, reduce emissions and not limit our energy options in the face of expanding demand.”

“Oil can deliver on all those fronts,” HE Al Ghais underscored.

The full article can be viewed in the PDF attachment.