OPEC Secretary General, Haitham Al Ghais, delivered a speech during the opening of the Egypt Petroleum Show (EGYPS 2023).
Al Ghais began by extending his sincere thanks to President Abdel Fattah El-Sisi for holding this high-level /oil event under his generous patronage.
He stated that the presence of his excellency at the opening of the event reflected his keen interest in promoting energy sectors, specifically the oil and gas industry, which has reaffirmed Egypt’s leadership in energy markets.
Al Ghais further expressed pleasure at attending the opening ceremony of the show in Cairo for the first time after assuming his current position as OPEC Secretary General. He also referred to the festive commemoration of a ‘Gentlemen’s Agreement’ ceremony, which took place in Maadi Sporting and Yacht Club in 1959 and was forged that led a year after OPEC’s establishment in Baghdad.
During his speech, he indicated that Egypt has been working hand in hand with OPEC, praising its role as a key supporter of the OPEC+ alliance, along with its positive role lauded by the 20-member state and OPEC Plus organization in supporting the stability of the global oil markets.
He also confirmed OPEC’s commitment to supporting the market’s stability and investments for fulfilling the increasing demand rate and the efforts towards a low-carbon transition.
Finally, the Secretary-General underlined that OPEC’s recent outlook showed that the global oil demand is definitely rising this year, exceeding pre-Covid levels, despite the considerable decline in investor appetite for fossil fuel projects during the last years.
