Haitham Al Ghais, Secretary General of OPEC, asserted that the organization does not view energy sources as a zero-sum game. Al Ghais refuted the idea that electrification is a direct competitor to oil. He emphasized that oil is integral to many sectors, including electricity generation and transmission. Al Ghais highlighted that petroleum-derived products are crucial in manufacturing components such as insulation materials for cables and transformers essential for energy transmission.
He referenced a study by the Energy Transitions Commission, noting the significant increase in electricity generation required to meet net-zero goals by 2050. Al Ghais concluded that oil will remain a key element in future energy systems, complementing other sources rather than competing with them.
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