OPEC Secretary General Haitham Al Ghais reaffirms the group’s long-term role in ensuring oil market stability and energy security.
VIENNA: OPEC will continue to be a key pillar of stability in the global oil markets, according to its Secretary General Haitham Al Ghais. Marking the 65th anniversary of the Organisation of the Petroleum Exporting Countries, Al Ghais highlighted OPEC’s enduring role in shaping the international energy landscape.
“OPEC has grown into a household name in energy and will remain vital in the decades ahead,” he said, adding that oil continues to be central to almost every aspect of daily life. From fuelling transport to supporting agriculture, healthcare and construction, petroleum-derived products are still indispensable to modern society.
Al Ghais stated that OPEC’s vision, laid out at its founding in 1960, remains as relevant as ever. The group now consists of 12 member nations and plays a respected role in the global multilateral energy system. Its influence was notably reinforced by the 2016 Declaration of Cooperation with non-OPEC oil producers, known as OPEC-plus, which helped stabilise markets during the COVID-19 crisis.
Looking ahead, OPEC’s World Oil Outlook projects global demand for oil to grow significantly, reaching around 123 million barrels per day by 2050. Al Ghais noted that this demand growth reflects rising energy needs tied to expanding economies and populations worldwide. He also emphasised the importance of energy security, which remains “inconceivable without oil”.
He underscored the need for an inclusive, balanced approach to energy—embracing all sources and technologies while addressing global energy poverty. Al Ghais dismissed claims of OPEC’s declining influence or forecasts of “peak oil” as premature, saying the organisation remains essential to maintaining market equilibrium and guiding global energy policies.
“As we celebrate OPEC’s 65th anniversary, we look ahead with confidence. OPEC will be around for another 65 years and beyond,” he said, reinforcing the organisation’s commitment to a stable and secure energy future for all.
