Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries, stated on Monday that oil and petroleum products are indispensable in the process of increasing electrification and expanding the power grid globally, and pointed out that the energy structure is not a zero sum game.

The OPEC chairman criticized the notion that there is only one winner in the process of 'electrification of everything'.

Al Ghais wrote in an article published on the OPEC website on Monday: 'OPEC does not believe that energy supply is in a zero sum game; the history of energy cannot be simplified into a series of' energy substitution events'. '.

Al Ghais said, "Reality tells us that oil is not isolated from other sectors and industries. On the contrary, it is precisely because of the multifunctionality of oil and its derivatives that they play an indispensable role in many other sectors and industries

According to Al Ghais, calling for a halt to investment in oil and gas is irresponsible as oil is an important component of the production and transportation of materials needed to expand the power grid, and therefore they can accommodate the growing share of renewable energy.

Simply put, calling for a halt to new investments in oil projects jeopardizes the production of oil products, which are crucial for the smooth operation and expansion of the power grid, "wrote the Secretary General of OPEC

The Organization of the Petroleum Exporting Countries and its CEO recently criticized energy experts and the International Energy Agency's (IEA) predictions that oil demand will peak this decade and renewable energy will quickly replace most of the world's demand for oil.

Last month, Haitham Al Ghais stated that peak oil demand has not yet occurred and criticized the International Energy Agency's prediction that global oil demand will peak before 2030.

Haitham Al Ghais: "This is a dangerous comment, especially for consumers, that will only lead to energy fluctuations that may reach unprecedented levels