On Saturday, Mohammad Barkindo, the OPEC Secretary-General said that the group will continue adjusting the oil market supplies.
"We will continue to do what we know best to ensure we attain stability in the oil market on a sustainable basis," he said.
He further estimated that oil demand at the moment would see a growth of 5.7 million bpd while for the upcoming year it would see another addition of 4.2 million. The Organization of the Petroleum Exporting Countries is on course of returning the level of consumption in 2022 to pre-pandemic levels.
Barkindo forecast that in 2045 or even until the mid-century, oil and gas would still account for more than 50% of the global energy mix.
From the Glasgow Climate Change Conference, Barkindo said that the world has not yet seen any concrete road map or plans of how to replace this 50% without creating unprecedented turmoil in the energy markets
He underlined that the fundamentals of oil and gas are not the sole factors of the uncertainty and volatility on the markets, as extraneous factors such as the ongoing Covid pandemic also contributed to them.
