Haitham Al-Ghaith: Stability of oil markets is our strategic priority
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghaiss, affirmed that the organization places ensuring the stability and balance of global oil markets at the top of its strategic priorities, stressing that OPEC’s policies do not aim to steer or dictate oil price trends.
A pivotal role
In an exclusive interview with the Qatar News Agency (QNA), Al-Ghaiss expressed deep confidence in the correctness of the organization’s decisions, anticipating that economic historians in the future will highly appreciate the pivotal and positive role played by the OPEC+ alliance in protecting the global economy from sharp fluctuations in energy supplies.
He revealed that some member countries of the organization have resorted to adopting “alternative logistical solutions and pathways” in cooperation with regional and international partners to mitigate the impact of supply constraints resulting from geopolitical tensions in the Strait of Hormuz and to ensure the continued flow of energy to global markets.
High resilience
In the same context, he stated that recent developments concerning the security of sea lanes in the Middle East region constitute a temporary situation that has been addressed through proactive measures, emphasizing that member countries have demonstrated high resilience and a historical commitment as a reliable component of supply. He added that oil will remain the lifeblood of daily life, and that diplomacy will remain the best means of providing permanent solutions.
The OPEC Secretary-General warned of the dangers of underfunding in the traditional sector, announcing that meeting the expected growth in global demand requires cumulative oil investments reaching $17.7 trillion by 2050.
Rising oil demand
He noted that the long-term projections adopted in OPEC’s “World Oil Outlook 2050” report indicate that global oil demand will rise annually to reach 124 million barrels per day by 2050, driven by an expected population increase of 1.4 billion, the doubling of the global economy’s size, and continuous urban expansion.
Al-Ghaiss proposed a new concept for redefining climate policies, calling for replacing the term “energy transition” with “energy additions.” He pointed out that the world recorded unprecedented record levels of consumption for coal, oil, gas, and renewable energy simultaneously in 2025.
He highlighted that energy sources complement rather than compete with each other, explaining that the manufacturing of wind turbines, solar panels, and electrical grid components relies entirely on oil derivatives and plastics. He noted that 655 million people worldwide lack access to electricity and 2 billion people suffer from a lack of safe fuel for cooking, necessitating a comprehensive approach that accommodates all energy sources, technologies, and peoples.
Strong and robust market fundamentals
Regarding near-term market prospects, he said, “Market fundamentals remain strong and robust,” expecting global economic growth of 3 percent in 2026, supported by the momentum of the US economy and massive investments in artificial intelligence in Asian countries such as China and India.
Based on these data, Al-Ghaiss predicted that global oil demand will grow at a rate of 600,000 barrels per day in 2026, led by economies in Asia, Latin America, and Africa, against an expected expansion in oil liquids production from outside the OPEC+ alliance by 600,000 barrels per day to reach 54.8 million barrels per day, led by Brazil, the United States, Canada, and Argentina.
