Fifth High-Level Meeting of the OPEC-GECF Energy Dialogue highlights the importance of oil and gas for prosperity and progress

The meeting was co-chaired by HE Haitham Al Ghais, OPEC Secretary General, and HE Eng. Mohamed Hamel, GECF Secretary General.

In his remarks, HE Al Ghais emphasized the crucial role of oil and gas in advancing human prosperity and progress, pointing out that petroleum and petroleum-based products are fundamental to nearly every facet of daily life. "Life without oil and gas is unimaginable," he stated.

HE Al Ghais pointed out that the combined share of oil and gas in the energy mix will remain above 53% in 2050, underscoring the critical need for adequate and timely investment to ensure that supply meets demand. “For oil alone, total investment requirements to 2050 are estimated at $17.4 trillion, or around $640 billion per year on average,” he added.

HE Al Ghais, in his remarks, also underlined the importance and value of the ongoing dialogue and collaboration between OPEC and the GECF. “These energy realities remind us why the work of our two organizations is so essential and why cooperation between us is so important,” he stated.

HE Eng. Mohamed Hamel underscored the robust partnership between GECF and OPEC, highlighted by numerous collaborative initiatives. Both organizations have achieved substantial progress in data sharing and joint engagement in global energy forums. This partnership plays a crucial role in navigating the shifting energy landscape and addressing the complexities of today's energy markets.

HE Eng. Mohamed Hamel also highlighted the enduring role of natural gas and oil in the future global energy mix. "The GECF’s Global Gas Outlook projects that global primary energy demand will increase by 20%, with natural gas demand expected to rise by 34% by 2050," he stated. This underscores the continued importance of natural gas for sustainable development, energy access and sustainability.

He also underlined that “natural gas is more than just a fuel; it is an essential feedstock in the production of fertilisers and contributes to ensuring global food security.”

During the meeting, participants discussed various topics, including sustainable development, energy poverty, clean cooking solutions, technology, investment, energy security, data transparency, and knowledge exchange. They reviewed both short- and long-term energy outlooks, along with related uncertainties, challenges, and opportunities, and discussed upcoming multilateral negotiations.

The meeting emphasized the importance of cooperation in technical and research areas and noted the successful outcome of the Sixth Technical Meeting of the OPEC-GECF Energy Dialogue on October 3, 2024.

It was agreed to hold the Sixth High-level Meeting of the OPEC-GECF Energy Dialogue in 2025 at the GECF Headquarters in Doha, Qatar.