OPEC chief warns of energy chaos if oil left underground

Organisation of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al-Ghais argued on Monday that keeping oil in the ground would not lead to a transition in energy but to disorder in this sector.

“We do not feel that distorting the reputation of this sector is a constructive approach,” Al Ghais added during the 28th UN Climate Change Conference (COP28), taking place in Dubai from November 30 to December 12.

Al-Ghais had accused the International Energy Agency (IAE) of distorting the reputation of the oil and gas industry in the latest dispute between the two groups over climate policy last week.

Last October, Al-Ghais stressed on the sidelines of the launch of the “Global Oil Outlook” report in the Saudi capital, Riyadh, that action on climate must not come at the expense of global energy security.

He said, “Calls demanding a halt to investment in new oil projects are misleading and could lead to chaos in the field of energy and the economy.”