OPEC: Mexico has the ability to invest in oil refining

Mexico City, Mar 9 (EFE).- The demand for oil will continue to be strong through 2045 and thus Mexico has significant ability to invest in refining it, OPEC secretary general Haitham Al-Ghais said Thursday.

Speaking at the World Petroleum Market conference in Mexico City, the top official of the Organization of Petroleum Exporting Countries said that the oil industry will play a very important role in the future, given that primary energy demand will be 23 percent higher in 2045 than it is today.

In that regard, he said that the world economy will double in size and the global population will increase from 8 billion to almost 20 billion by then.

All this demand will not be able to be satisfied with just one energy source, and thus it will require additional energy sources, the OPEC official said, according to a statement released by the Mexican government’s Energy Secretariat.

Al-Ghais also said that petroleum will represent about 30 percent of the world’s energy mix by 2045 as a result of production efforts by producing countries, including Mexico.

He said that the world will require 110 million barrels of oil a day and congratulated Mexico on its investment in the Olmeca refinery in Dos Bocas, in southeastern Tabasco state.

The OPEC secretary general also said that, in an earlier conversation with Mexican President Andres Manuel Lopez Obrador, he and the Mexican leader had discussed the importance of ensuring energy self-sufficiency as a key element in energy security.

Al-Ghais acknowledged that Mexico is a critical player in the global petroleum market.

Meanwhile, Lopez Obrador said Thursday that he and Al-Ghais had a “splendid” understanding, after confirming that he had “gladly” welcomed the OPEC chief and his retinue.

Mexican Energy Secretary Rocio Nahle said that the visit by OPEC to Mexico, the first since the country became a cartel observer nation in 2016, is recognition of the role Mexico has played in the oil market for the past 85 years.

She also emphasized that within OPEC “there is respect for the energy policies designed for each nation.”

The OPEC member nations produce almost 42 percent of the world’s oil and administer more than 79 percent of the planet’s total proven petroleum reserves.

EFE jsm/jmrg/jrh/bp