Egypt has leading role in energy markets, oil demand to reach 10M barrels/day: OPEC

CAIRO - 12 February 2023: Egypt has a leading role in the energy markets with the support of President Abdel Fattah El-Sisi, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said.

 

 Al-Ghais stated during EGYPS 2023 that the oil demand is projected to increase to reach 10 million barrels per day during the coming period.

 

Al-Ghais revealed that the petroleum industry suffered from a lack of investment during the last period as a result of the COVID-19 pandemic.

 

“Oil sector requires $12 trillion until 2024; with an annual provision of $5 billion,” Al-Ghais said.

 

He added that investment in energy security is essential in economic activity and the cornerstone of the stability of energy markets.

 

Egypt's leadership of the Climate Conference COP 27 provided an opportunity to convey OPEC’s message that there is no suitable solution for everyone regarding climate challenges, according to Al-Ghais.

 

President Abdel Fattah El-Sisi inaugurated Sunday the sixth edition of the Egypt Petroleum Show (EGYPS 2023).

 

EGYPS 2023 takes place from February 13 to 15 at Egypt International Exhibition Center. 

 

It is held under the theme 'North Africa and The Mediterranean: Supporting Sustainable Global Energy Supply and Demand'.

 

The inauguration was attended by Prime Minister Mostafa Madbouli, Minister of Petroleum and Mineral Resources, Tarek El-Molla, and a number of ministers and senior statesmen.

 

All CEOs of the energy, oil and gas sector in the world will participate in the EGYPS 2023, in addition to a group of energy ministers, government representatives, high-ranking officials of the European Union, secretaries of major international energy organizations, business leaders and investors in the energy sector to discuss the most important issues to support the progress of the oil and gas sector.