October 12, 2023 [Oil & Gas]-OPEC joins COP28 climate summit as oil demand surges, challenging climate goals. Oil industry seeks a voice in climate discussions.
This year’s global assembly aimed at addressing the climate emergency will mark a significant departure from the past, as it welcomes the participation of an entity anticipating a continued upsurge in oil demand until mid-century.
Secretary-General Haitham Al-Ghais announced that OPEC will establish a dedicated pavilion at COP28, the prestigious climate summit convened by the United Nations, scheduled to take place at the conclusion of November in Dubai.
In a statement made during the Gulf Intelligence forum held in Fujairah, United Arab Emirates on a Tuesday, Al-Ghais stated, “The oil industry will be there at COP and we will be there.”
He went further to state that “I hope all voices will be at the table at COP28.”
Oil consumption is projected to surge by 16% in the coming two decades, reaching a daily output of 116 million barrels by 2045. This represents an increase of approximately 6 million barrels per day compared to previous estimates, as disclosed in the World Oil Outlook report by OPEC.
Despite the global shift towards cleaner energy sources to combat the looming threat of climate change, OPEC has revised its predictions for worldwide oil demand up to the mid-21st century.
At the ADIPEC oil and gas exhibition and conference held in Abu Dhabi earlier this month, top executives from industry giants like Halliburton Co., Exxon Mobil Corp., and TotalEnergies expressed their enthusiasm for their participation in this year’s COP conference.
The companies emphasized that the oil industry plays an integral role in the ongoing energy transition, and they were pleased that their perspectives would be included in the discussions at COP.
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