Inspenet, July 15, 2023.
“The world cannot and will not live without oil”
The current president of OPEC, Antonio Oburu Ondo, declared last Wednesday in Vienna that “the world cannot live without oil” and that it is unlikely to do without this source of energy in the near future due to the energy needs of the planet.
Oburu Ondo, who is also Minister of Mines and Hydrocarbons of Equatorial Guinea, emphasized that the energy reality is that the world depends on oil for its operation. Equatorial Guinea is one of the thirteen member countries of the Organization of Petroleum Exporting Countries (OPEC).
Likewise, Ondo affirmed that oil has been a “central” part in the past, is “crucial” in the present and will be “fundamental” for the future of society.
He also insisted that oil is a permanent consumer good and that we cannot do without it. The minister delivered the keynote address at the 8th OPEC International Seminar, a two-day event that brings together numerous leaders from the fossil fuel industry and climate change experts in Vienna.
Under the theme “Towards a sustainable and inclusive energy transition”, the forum was opened by OPEC Secretary General Haitham Al Ghais of Kuwait. Al Ghais also stressed the importance of oil and advocated promoting technologies that reduce greenhouse gas emissions related to crude oil.
“Oil plays a central and vital role in life, but the industry must minimize its environmental impact,” Al Ghais said.
Al Ghais advocated that the energy transition be based on the three pillars of sustainability: economic viability, environmental protection and social equity. In addition, he considered that each country and region must find its own way to reduce emissions
“There is no single path to the climate challenge,” he said.
These positions expressed by OPEC officials are not new and coincide with those of other defenders of the oil industry, which is crucial for the income of the member countries of the organization.
They are especially concerned about the growing difficulties they face in attracting investment to their industries, which has begun to affect their productive capacity, at the same time as an increase in investments in renewable energy is observed.
“We must pay great attention to the decrease of investments in the sector,” said Parviz Shahbazov, Minister of Energy of Azerbaijan, during the forum.
Some media were excluded
OPEC’s seminar was held amid controversy over the organization’s decision to exclude journalists from international outlets including Reuters, Bloomberg and the Wall Street Journal.
Several Austrian and international press associations protested last week against what they consider to be an arbitrary decision that violates freedom of information.
OPEC itself has not provided explanations about the exclusions or the reasons why it allows access to other media, such as EFE. The organization affirms that it is a new communication strategy, without revealing more details about it.
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