His comments come amid a shift among some Western governments and companies regarding fossil fuels, after energy prices surged over the Ukraine war After ‘years of chronic underinvestment’, the oil industry needs US$500 billion of investment annually until 2045, said Opec’s secretary general

The UAE, also part of Opec, has appointed Sultan Al Jaber, head of national oil and gas firm Adnoc, as president for the summit. While that has caused some controversy, Al Jaber has said that hydrocarbon producers must be at the forefront of climate negotiations if the world is to transition to cleaner energy while also ensuring that fuel prices remain affordable.

Oil prices set to rise after Opec+ group agrees to larger-than-expected production cut

Al Ghais reiterated that Opec and its partners – known as Opec+, the 23-nation alliance is led by Saudi Arabia and Russia – are committed to keeping the oil market stable.

Saudi Arabia and other core Opec members are unlikely to respond to Russia’s announcement on Friday of a production cut by pumping more, Bloomberg reported.

While Moscow indicated late last year that it may reduce output as a retaliation against Western sanctions, crude prices still jumped on Friday. Brent rose 8.1 per cent last week to US$86.90 a barrel.