Lack of investment in the oil and gas sector could cause long-term market volatility and threaten growth, Haitham al-Gheis, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said Monday.

He added during the "Middle East Oil and Gas 2023" conference in the UAE, that the world needs to focus on reducing greenhouse gas emissions, instead of replacing one form of energy with another, stressing that there is a need to inject major investments in all energy sectors.

“That’s the truth to be uttered,” he continued.

OPEC estimates that the world needs $12.1 trillion in investments to meet growing long-term oil demand.

In press statements in mid-May, the OPEC secretary-general said: “As the population and economies grow, the world will need more energy in the coming decades. In our global oil forecast for 2022, we expect global energy demand to expand by 23 percent until 2045. Achieving this growth, ensuring energy security, affordable access and reducing global emissions in line with the Paris Agreement requires all unprecedented energies, investment and cooperation.”

Fredon Sharky, chairman of F. G. The world could face a supply problem as global oil demand grows by about 8 million barrels per day (bpd), as Western sanctions on Russian oil dampen production growth.

He added that Russia can keep production at around 10 to 11 million bpd, but may not be able to increase it by 2 million bpd as planned in the coming period due to Western sanctions.

Russia’s oil and gas sectors are undergoing a Western sanctions package aimed at restricting sales while capping Russian oil prices, due to the outbreak of the crisis in Ukraine in February 2022.