• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 1 day How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 5 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 5 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Secretary Urges Member Countries To Continue Oil Investments

The energy transition should not crowd out any source of energy as all energy sources of today will be required for the foreseeable future, OPEC Secretary General Mohammad Barkindo said.

“We continue to urge all our member countries and the international industry to continue to invest in all sources of energy, including oil and gas, in particular using technology to mitigate against these emissions,” the head of OPEC added.

“For the industry, for OPEC, and all our member countries, and the global economy, all the energy sources of today will be required for the foreseeable future,” Barkindo told Amena Bakr, Chief Opec Correspondent at Energy Intelligence, in a The Conversation of the Century debate on the future of energy.  

“For us in OPEC, and in the industry, and in the mainstream of the global conversation, the energy transition is not a transition from once source of energy to another,” Barkindo noted.

Transition is moving away from greenhouse gas emissions in the exploration, production, transportation, and consumption of fuels across the board to more sustainable sources of energy that would address the emissions issue, OPEC’s chief said, adding that the definition of ‘energy transition’ should not crowd out any source of energy.

Commenting on the Net-Zero report of the International Energy Agency (IEA), which suggested that a net-zero pathway would not need any new investment in oil and gas, Barkindo said that “you can invest as much as you want in renewables, but if the emissions problem is not addressed, net-zero goals would not be achieved.”

In the report, the IEA “punctured many holes themselves” because it was the Paris-based agency itself that was one of the first to raise red flags about a supply deficit after the 2014-2016 downturn, urging for more investment in oil and gas, Barkindo said.  

Last month, an internal OPEC report, seen by Reuters, found that the IEA’s suggestion of no new investment in oil and gas ever could further raise the volatility in oil markets if investors heed the call.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on June 17 2021 said:
    We’re in an era of energy diversification where alternative sources to fossil fuels, notably renewables, are growing alongside—not at the expense of—the incumbents.

    Therefore, energy transition shouldn’t mean waging a war against fossil fuels. But this is exactly what the environmental activists and divestment campaigners along with the IEA’s la-la-land roadmap for net-zero emissions by 2050 are doing. Their current warfare against fossil fuels masks a political agenda.

    They never stop for a minute to think that energy transition wouldn’t succeed without major contributions from natural gas and that the global economy will come to a standstill without oil.

    Significantly reduced investments in developing new resources—which are already low after the 2020 oil price collapse—could lead to a supply crunch down the road. This will, in turn, result in oil price spikes even beyond $150 a barrel thus impacting very adversely on the global economy and causing immediate hardship to billions of peoples of the world.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News