Austria, 9th OPEC International Seminar underway in Vienna

teleSUR English

From Vienna, our special correspondent Jorge Gestoso updates us on the second day of the 9th OPEC International Seminar taking place in that city. teleSUR

Transcript

00:00With the information at this moment, we go live first to Vienna as the second day of the OPEC 9th International Seminar is underway.

00:21Our colleague Jorge Gestoso is right there on the venue, ready to share us the latest details.

00:26Hello, Jorge, what can you tell us about the progress of this second day?

00:30Belém here at Vienna, the 9th International Seminar of OPEC, it just finished.

00:37They are the very last round of applause to celebrate the end of a successful seminar,

00:45a seminar in which in this second day has presented a book, this book from OPEC,

00:51and the title, as you can see, they say the World Oil Outlook 2050,

00:58and the outlook is very important for the rest of the world.

01:03They believe that the production and the demand of oil will continue to increase up to 2050,

01:11from 103,000 barrels a day to 123,000 barrels a day,

01:19and that increase is going to come from countries outside of the OPEC,

01:25like India, countries in Africa, and the Middle East.

01:29The consumption is going to come from the global south,

01:35mostly for energy regarding petrochemical activities, industries, and aviation.

01:43They say that there is no top for the increase of petrol,

01:48and what is also interesting is that they forecast the background

01:52and the laid back from the two types of energies.

01:57They are talking about that the breakdown could be, in 2050,

02:02about 14% of renewable energies in total,

02:08and 53%, very much a huge amount,

02:1253% of the total consumption of energy is going to still be of petrol and gas.

02:21The investments that they believe that is going to be needed by the year 2050

02:26is going to be $17 billion,

02:30a huge amount compared to the $2.2 billion that is taking place as of now.

02:37And also, they believe that it's going to be very stable,

02:40very equilibrated, very balanced,

02:43the synergy between renewable forces and the oil markets.

02:48So, there is optimistic and there is clearly the sensation

02:53that the OPEP is working at the end of this seminar

02:58in conjunction with each of these members,

03:01and they're going to continue to plan in that way.

03:04We get back to you, Belen.

03:06Thank you so much, Jorge.

03:08We will be sure to have more on this OPEC seminar throughout the day.

03:13That was Jorge Estoso coming live from Vienna, Austria.

03:16Yeah.

03:16Thank you, Belen.

03:17Thank you, Belen.

03:18Thank you, Belen.

03:19Thank you, Belen.

03:20Thank you, Belen.

03:21Thank you, Belen.

03:22Thank you, Belen.

03:23Thank you, Belen.

03:24Thank you, Belen.

03:25Thank you, Belen.

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