General Secretariat of OPEC unveiled the Global Oil Vision 2045 in Riyadh on Monday

The General Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC), n Monday, launched the Global Oil Vision 2045 in Riyadh. OPEC Secretary General Haitham Al-Ghais unveiled the goal on the sidelines of the MENA Climate Week 2023 conference. The action highlights OPEC's unwavering commitment to combating climate change while safeguarding the oil industry's long-term survival. The oil vision is a detailed plan that depicts the future direction of the oil sector. Its introduction is a strategic choice that reflects the worldwide imperative to tackle climate change. The vision highlights OPEC's proactive approach to adjusting to future problems and developing long-term solutions for the oil industry.

Saudi Energy Minister Prince Abdulaziz bin Salman stated during his statement at the opening event that OPEC+ members pay the cost of barrels of oil equally. Saudi Arabia, according to Prince Abdulaziz, aspires to collaborate with other nations and assist them in moving ahead by supplying energy and renewable energy with the goal of lowering carbon dioxide emissions. According to Haitham Al-Ghais, the initiative was initiated in Saudi Arabia since Saudi Arabia played a critical role in sustaining global oil markets during the coronavirus epidemic. In his remarks at the Climate Week Conference, he stated that the Kingdom has a strong interest in climate concerns, and that "this event supports climate change and the COP28 summit that will be held in the UAE." He cited the current year 2023 and the evaluations made in it about energy security, lowering carbon emissions, producing sustainable energy for a cleaner future for all, and meeting the targets for 2025. 

Meanwhile, in the wake of escalating Middle Eastern tensions, oil prices rose by more than $4 per barrel during Monday's trading session, at the start of the week, with Brent, the global benchmark, approaching $90 per barrel and American crude oil approaching $87 per barrel. In this context, the energy and petroleum ministers of OPEC+ nations such as Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the UAE, as well as the OPEC secretary general, met on Sunday in Riyadh.