Diversify or face hard times, OPEC warns members

Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Abdalla El-Badri says there are a number of uncertainties and challenges facing the industry, and called on oil producers to look for alternative sources of income and develop other sources of energy aside from crude.
He said, “Yes, oil is part of this future, but diversity is essential. They (oil producers) need to look for alternative sources of income and they need to develop other sources of energy, particularly when many have distinct advantages in terms of solar and wind.”
El-Badri stated this during his presentation at the 6th OPEC International Seminar.
Also, alternate President of OPEC and Qatar’s Minister of Energy and Industry, Dr. Mohammed Bin Saleh Al-Sada, said in Vienna, Austria on Wednesday that member countries were not out of the woods yet.
He noted that hard times are not over yet for members countries as more industry challenges await them in the future.
Al-Sada said, “Of course, we are not out of the woods yet and we are still faced with a lot of uncertainty. That is why we must remain vigilant and keep our attention firmly fixed on the future. We know full well that the oil industry will continue to face new challenges and these will require new solutions.
“We now have the benefit of many years of experience to assist us in our endeavours. Our industry is today supported by highly trained personnel who are making the optimum use of the latest technology available to develop both conventional and non-conventional sources of petroleum.”

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