End of Oil Not Coming in Near Future, Says OPEC Boss

Emmanuel Addeh in Abuja

The Secretary General of Organisation of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais, has said that contrary to the position of some developed countries, the end of oil is not in sight.

In an op-ed article, in the Middle East Economic Survey (MEES), Al Ghais wrote there is “a worrying trend of narratives” that use terms like the end of oil, which have the potential to foster energy policies that stoke energy chaos.

“What if investments in supply fall as a result, but demand for oil keeps increasing, as we are seeing today? The reality is that the end of oil is not in sight,” Al Ghais wrote in the article shared on X.

OPEC countries believe oil use will keep rising in coming decades, in contrast to bodies such as the International Energy Agency (IEA), which predicts it will peak by 2030.

The OPEC chief’s position also aligns with Nigeria’s, which has said it will deploy its massive oil and gas resources for development, insisting that no amount of pressure from the developed countries will make it back down on this.

The oil industry is investing in technologies like carbon capture utilisation and storage, clean hydrogen and direct air capture, and so “showing that it is possible to reduce emissions while producing the oil the world needs,” Al Ghais wrote.