The Organisation of Petroleum Exporting Countries (OPEC) has said the war between Russia and Ukraine is frightening investors in the oil and gas industry saying that it has also rattled the commodity market.
Speaking at the Nigeria Energy Forum (CERA Week 2022 Agenda, OPEC Secretary General, Dr. Sanusi Barkindo said the war has had an adverse effects on the energy market and also resulted in high level of volatility.
The theme of the session was: “Oil and Gas Investments: The future of fossil fuels amid the quest for decarbonisation.”
He added that the organisation hoped that all parties involved could reach positive outcomes that would be acceptable to all.
Barkindo explained that the pandemic has taught OPEC the value of taking a prudent approach to oil supply and demand developments, but with the flexibility to adapt its strategies as and when needed, ultimately for the well-being of the global community.
He also warned that migration of renewables and electric vehicles is highly dependent on the supply of other critical minerals, stressing that an electric car requires six times minerals inputs than needed for a conventional vehicle with fossil fuels.
Barkindo condemned the recent calls for investments in new oil and gas projects to be discontinued, particularly in the context of discussions around net-zero targets.
SOURCE: orangefm.com.ng
