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OPEC PARTICIPATES IN GECF ROUNDTABLE ON NATURAL GAS

As the world continues to battle the COVID-19 pandemic,  OPEC Secretary General Mohammad Sanusi barkindo  has commended the efforts undertaken by gas producers to reduce the natural gas stock overhang and alleviate market volatility in the wake of the COVID-19-driven drop in demand.

On the global energy mix, Barkindo says Natural gas will be the fastest-growing fossil fuel between 2019 and 2045 after oil, and will remain the second-largest contributor to the energy mix in 2045 at 25%.” OPEC Secretary General reiterates GECF  Gas Exporting Countries Forum High-level Energy continued dialogue and cooperation across the global energy industry as is focus of the roundtable is crucial In addressing the current global conditions resulting from the COVID-19 pandemic.


Stressing that the sessions is coming at a pivotal moment in time as the world continues to grapple with a global health pandemic that has taken countless innocent lives and severely damaged both the global economy and the energy markets.


The Demand for both oil and gas he said has suffered massive declines, and OPEC and partners are continuing to fight back in their efforts to re-establish balance and stability.”


In the long term, he said  all forms of energy, including oil and natural gas, will be needed to support the recovery from the COVID-19 pandemic and meet future energy needs, adding that oil is forecast to retain the largest share in the energy mix until 2045.


The Secretary General also took the opportunity to reiterate the importance of reinstating robust, long-term investment in the oil industry, noting that the total required cumulative investments are estimated at around $12.6 billion through to 2045.

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