Oil would continue to be the driving force behind the world’s economic prosperity, said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada.
He was addressing the 7th Opec International Seminar held at the Opec Secretariat in Vienna.
In his speech at the seminar, which was held under the theme “World Economy and the Future of Oil,” al-Sada said, “The world demand on oil will continue to grow, with an average rate of about 0.8% per year over the next two decades, driven mainly by transportation needs and the petrochemical industry, especially in Asia.”
Al-Sada emphasised that ensuring the availability and accessibility of reliable sources of energy is a major challenge the world faces today.
“A coherent approach to oil security is needed to secure the adequacy of investment in future supply. Without further investment, liquids supply would decline steeply leading to major price fluctuations down the line,” he added.
Al-Sada said Qatar believes in the viability and future of oil and gas projects and has therefore, under the wise guidance and directives of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani, expanded its investments in the sector.
The Minister praised the commitment by Opec members and other non-Opec producers/signatories to the Vienna agreements.
He said that it was the “hard work and dedication of Opec and allied non-Opec producers to find a common ground between the political and economic agendas of 24 countries that have resulted in bringing down the oil hangover to zero and in more than doubling oil prices in two and a half years.”
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