Kuala Lumpur: The Organisation of the Petroleum Exporting Countries (OPEC) will continue to invest in fossil fuel production, despite the growing momentum behind sustainability initiatives and the global energy transition. OPEC secretary general, Haitham Al Ghais, stated that the organisation advocates a more balanced investment strategy to safeguard the stability of energy security and affordability.

According to BERNAMA News Agency, Haitham expressed that, while the world often focuses on achieving net-zero emissions and advancing the energy transition, OPEC believes in a balanced approach. He stressed that transitioning to address climate change should not come at the expense of energy security or affordability. Haitham highlighted the need for continued investment in the fossil fuel industry due to its long-lead-time and capital-intensive nature.

He made these remarks during a panel session titled ‘Enabling Asia’s Future Energy Ecosystem’ at Energy Asia 2025. Haitham clarified that OPEC is not against renewable energy and that many OPEC members are adopting renewable technologies. However, he noted that renewables alone will not meet global energy needs, and a multipath approach to energy transitions is essential.

Haitham further mentioned that the oil industry requires an investment of US$17.4 trillion, or around US$640 billion annually. He pointed out that oil still constitutes 30 per cent of the global energy mix, and when combined with gas, this figure rises to about 56 to 57 per cent. He also projected that oil demand is expected to hit a new record this year, exceeding 104 million barrels a day.