London CNN —The head of the Organization of the Petroleum Exporting Countries — a group of the world’s major oil producers — told CNN Monday that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel.
“By underinvesting, we are actually endangering energy security… Without this [investment], I think there are serious possibilities that prices, the volatility, will be increasing as demand grows,” he said.
“We have to make sure that the world has enough energy — stable, affordable, reliable, not intermittent sources of energy,” he added.
The comments come just a week after the International Energy Agency predicted that global demand for oil, natural gas and coal was likely to peak by 2030.
Al Ghais said hitting that reduction target would be a “monumental challenge” given that fossil fuel consumption as a proportion of global energy demand had barely budged in 30 years.
Persons:
—, Haitham Al Ghais, CNN’s Becky Anderson, ”, Brent, Al Ghais, ” Al Ghais, Fatih Birol
Organizations:
London CNN, Organization of, Petroleum, CNN, International Energy Agency, IEA
Locations:
Abu Dhabi, Underinvestment, Saudi Arabia, Russia