OPEC secretary general says underinvestment could trigger oil market volatility

could cause market volatility in the long term and imperil growth.

He also said the world needs to focus on reducing greenhouse gas emissions rather than replacing one form of energy with another, stressing that major investments were needed in all energy sectors. “That is the truth that needs to be spoken,” Al Ghais told the Middle East Petroleum and Gas Conference in Dubai.

OPEC estimates that the world needs $12.1 trillion in investments to meet rising oil demand in the long term.

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