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OPEC's top official stated, “the end of oil is not in sight,” as the pace of energy demand growth means that alternatives cannot replace it at the needed scale. He emphasized that the focus should be on cutting emissions, not oil use. OPEC believes oil use will keep rising in the coming decades, in contrast to the International Energy Agency (IEA), which predicts it will peak by 2030. Haitham Al Ghais noted that despite a $9.5 trillion investment in transition costs over the past two decades, wind and solar supply just under 4% of the world's energy, and electric vehicles have a total global penetration rate of between 2% and 3%. He wrote that the oil industry is investing in technologies like carbon capture utilization and storage, clean hydrogen, and direct air capture, demonstrating that it is possible to reduce emissions while producing the oil the world needs. 

‘End of Oil Not in Sight,’ OPEC Secretary General Says in MEES Article

OPEC’s top official stated, “the end of oil is not in sight,” as the pace of energy demand growth means that alternatives cannot replace it at the needed scale. He emphasized that the focus should be on cutting emissions, not oil use. OPEC believes oil use will keep rising in the coming decades, in contrast to the International Energy Agency (IEA), which predicts it will peak by 2030. Haitham Al Ghais noted that despite a $9.5 trillion investment in transition costs over the past two decades, wind and solar supply just under 4% of the world’s energy, and electric vehicles have a total global penetration rate of between 2% and 3%. He wrote that the oil industry is investing in technologies like carbon capture utilization and storage, clean hydrogen, and direct air capture, demonstrating that it is possible to reduce emissions while producing the oil the world needs. 

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