Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber said in a forum on Wednesday that the ongoing global energy crisis is a wake-up call for the industry to raise investment and avoid another supply crunch. In the same event, OPEC’s secretary-general Mohammed Sanusi Barkindo said oil and gas would still be needed to play a crucial role in the energy transition.
Indian oil minister Hardeep Singh Puri echoed Al-Jaber’s statement, adding that the transition to green energy is also incurring a cost. Puri added that energy prices are impacting global economic recovery by fueling inflation and boosting logistics costs. India, the world’s third-largest oil importer, has been hit hard by surging oil prices which inflate its trade deficit and hurt consumer spending. The South Asian country imports 85% of its oil requirements, most of which comes from the Middle East.
Al-Jaber said ADNOC is investing in boosting its oil and gas output. He promised that the company would remain a reliable oil supplier for India and other buyers. Both Al-Jaber and his Saudi Arabian counterpart Prince Abdulaziz bin Salman said fossil fuels would be needed despite the world’s transition to cleaner energy sources. Prince Abdulaziz said the world lacked the anticipation to provide enough oil as the global economy recovered faster than expected.
