{"id":30864,"date":"2020-12-07T10:57:03","date_gmt":"2020-12-07T08:57:03","guid":{"rendered":"https:\/\/www.ecomnewsmed.com\/?post_type=news&p=30864"},"modified":"2020-12-07T10:57:06","modified_gmt":"2020-12-07T08:57:06","slug":"opec-oil-industry-must-innovate-and-become-more-productive-but-at-a-cost-of-12-6-trillion","status":"publish","type":"news","link":"https:\/\/www.ecomnewsmed.com\/en\/2020\/12\/07\/opec-oil-industry-must-innovate-and-become-more-productive-but-at-a-cost-of-12-6-trillion\/","title":{"rendered":"OPEC: Oil industry must innovate and become more productive, but at a cost of $ 12.6 trillion"},"content":"\n \n \n \nAccording to Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (OPEC), the global petroleum industry will need around $ 12.6 trillion in investment to maintain its efficiency in innovation and production over the next 25 years.\n\n \n \n\n\n \n \n \nInvesting in innovation will be necessary for the sector to play a leading role in meeting global energy needs, which are changing rapidly. The official made the statement on November 25, during the video conference of the \u201cCrescent Ideas\u201d forum on the world’s energy outlook.\n\n \n \n\n\n \n \n \n \u201cLooking ahead, our projections for the oil industry show that investments of around $ 12.6 trillion will be needed upstream, midway and downstream by 2045. To achieve this, it It is very important that policy discussions on energy and investments remain inclusive and support a diverse portfolio of energy options, \u201dhe said. And to add that now with its back to the wall, the industry cannot move forward without adequate capital to maintain its historic leadership.\n\n \n \n\n\n \n \n \nWith the development of clean energy, it is estimated that the growth in oil demand is expected to decline by 70% over the next 30 years, hence the urgency for the oil industry to adapt to the changes that are required.\n\n \n \n\n\n \n \n \nWhile the leader insists on the urgency of reform, he is not very optimistic about the resilience of the refining segment to weather this crisis. According to him, expect a wave of refinery closures around the world in the coming years. This, as new energetic capacities are developed. He believes that refining will be the segment that will be hit hardest by the first structural changes.\n\n \n \n\n\n \n \n \nHowever, Barkindo recalled that OPEC’s World Oil Outlook showed that upstream capital spending could fall by more than 30% in 2020 alone, but maintained that crude oil will continue to be a staple in the market. global energy mix, over the next 25 years.\n\n \n \n\n\n \n \n \nSource Ecofin Agency\n\n \n \n\n","author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","template":"","tags":[5827],"location":[5740],"class_list":["post-30864","news","type-news","status-publish","hentry","tag-oil","location-med-2"],"short_url":"https:\/\/bit.ly\/2Vjt1db","have_related_news":"","chapo":"To continue to play a key role in meeting the world's energy needs, the oil industry must adapt to new changes, innovate and become more productive. Sanusi Barkindo believes that will require $ 12.6 trillion in investments.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/10\/egypte-le-projet-petrolifere-dabu-sennan-affiche-des-resultats-tres-positifs-en-termes-de-production-2-550x360.png","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/10\/egypte-le-projet-petrolifere-dabu-sennan-affiche-des-resultats-tres-positifs-en-termes-de-production-2-550x360.png 550w","sizes":"550px","alt":"Libya: Libyan oil sector constitutes 97% of the country's public foreign currency revenues","width":550,"height":360,"ratio":0.65,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/10\/egypte-le-projet-petrolifere-dabu-sennan-affiche-des-resultats-tres-positifs-en-termes-de-production-2-1015x658.png","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/10\/egypte-le-projet-petrolifere-dabu-sennan-affiche-des-resultats-tres-positifs-en-termes-de-production-2-1015x658.png 1170w","sizes":"1170px","alt":"Libya: Libyan oil sector constitutes 97% of the country's public foreign currency revenues","width":1170,"height":658,"ratio":0.65,"credit_photo":""},"acf":[],"yoast_head":"\nOPEC: Oil industry must innovate and become more productive, but at a cost of $ 12.6 trillion - 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