OPEC declares the world needs more oil and gas amid the growth of renewable energy

OPEC declares the world needs more oil and gas amid the growth of renewable energy



2019/10/12 23:39

Oil prices have reaped gains over the past week as geopolitical risks rose, leading record crude to record its first weekly gain in three weeks with Brent rising 3.7 percent and US crude up 3.6 percent.

Markets are still awaiting developments in the US-China trade war, and a new deal to end the trade war between the world's top oil consumers will revive growth prospects for the global economy and keep the specter of a recession very close to next year's forecast.

The Organization of Petroleum Exporting Countries (OPEC) has confirmed that the landscape in the energy industry is witnessing many changes and successive, but one thing remains constant, which is the ever-increasing need for stable and safe energy supplies as population continues to grow and economies grow for decades to come.

According to a recent report of the Organization of the Secretary-General Mohammed Barkindo in the oil and finance conference in London, the world economy is expected to be 2040 times its size in 2018, and the world population is expected to reach 9.2 billion people, an increase of about 1.5 billion people. About today.

The report cautioned that energy poverty remains a scourge of our time, although the UN report on the Sustainable Development Goals indicates that the total number of people without access to electricity fell to less than 1 billion in 2017, but Much work remains to be done in this area, pointing to the 3 billion people who lack access to low-emission fuel for cooking.

The latest OPEC global oil forecast confirms that global energy demand will increase by about 33 percent by 2040, the report said.

According to the report, there are those who believe that the oil and gas industries should not be part of the future of energy and that the future can be dominated by renewable energy and electric cars, pointing out that it is important to remember clearly that science does not tell us this and tell us that we need to reduce emissions and use of energy More efficiently.

Renewable energy sources are growing strongly as wind and solar power expand rapidly, but until 2040, according to OPEC studies, it is estimated that they will account for only about 19 percent of the global energy mix.

The report pointed out that nuclear power is expected to exceed just over 6 per cent and coal will remain just over 21 per cent by 2040.This means that oil and gas combined will continue to provide more than 50 per cent of the world's energy needs by 2040. Oil is about 28% and gas is 25%.

Many OPEC members have significant sources of solar and wind power, and huge investments are under way, while there are no predictions that renewable energy sources will approach oil and gas in the coming decades, the report said.

He stressed that OPEC welcomed the development of renewable energy sources, adding that there is no doubt that electric vehicles will continue to expand in the transport sector, and studies "OPEC" confirm the increase in the share of electric vehicles in the total fleet of land transport, where it is expected to expand to about 13 percent during 2040.

for many of the world 's population, the report finds that electric cars do not offer a viable alternative to the internal combustion engine because of the cost and the cost of batteries. According to the site "Economic"

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