The Organisation of the Petroleum Exporting Countries is seeking more investment in oil despite global push for renewable energy sources.
OPEC says oil remains indispensable in the renewable energy transition, projecting in its recent 2023 World Oil Outlook that the global oil demand would hit 116 million barrels a day by the year 2045.
The Secretary-General of OPEC, Haitham Al Ghais, had earlier disagreed with calls to stop investments in new oil projects, saying such calls were misguided and could lead to energy and economic chaos.
OPEC maintained that the transition to renewable energy will require a lot of steel, concrete and plastic.