OPEC chief warns that global oil output is decreasing.
Haitham Al Ghais, Secretary General of the Organization of Petroleum Exporting Countries, has warned that world oil production capacity is declining.
In a recent interview with S&P Global Commodity Insights, he claimed that the refinery sector was failing to keep up with rising gasoline demand, putting the world at risk of future supply shortages.
“The industry requires significant investment, but it is operating in an increasingly difficult financial environment, exacerbated by ‘unhelpful criticism and misguided narratives’ about fossil fuels,” he said.
Ghais has had noteworthy differences with the International Energy Agency over their criticism of OPEC’s production cuts and future energy mix communication.
Ghais issued a warning, while emphasizing the need for continued output cuts and anticipating a possible improvement of market conditions soon.