The 2022 OPEC World Oil Outlook (WOO) was launched at ADIPEC during a strategic session, featuring contributions from across OPEC, as well as Alfred Stern, CEO, OMV and UAE’s Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei.

During the session, the UAE’s Minister of Energy emphasised that “the commitment of us in the UAE is there to invest in the diversification of green and clean forms of energy, but at the same time we have a duty to invest to ensure a smooth and fast transition to a future where we fight energy poverty.”

His Excellency Haitham al-Ghais, Secretary General of OPEC, stated: “I would like to reemphasise a key point: the issue of chronic industry underinvestment. Today, there is a huge shortfall to meet the expected demand growth. The sustainability of the energy industry is at stake.”

Alfred Stern, CEO, OMV, also spoke to investment levels in the sector, highlighting the importance of thinking in the long term. “Our industry is about long-term investment. There is nothing less at stake than progress and prosperity. These things cannot exist without secure and affordable energy supply. We must make sure that in our investments we push forward with more sustainable energies.“

Hosted by the ADNOC Group, ADIPEC is the world’s biggest and most influential gathering for energy industry professionals. The inclusive and apolitical platform facilitates dialogue between high-level industry stakeholders to help accelerate realistic solutions for a pro-climate and pro-growth energy transition.