00:00In Austria, the 9th International Seminar of the Organization of Petroleum Exporting Countries, OPEC,
00:19came to a close after two days of debate on energy transition and crude production capacity.
00:24From Vienna, our special envoy Jorge Gestoso with more.
00:32Here at the Hofburg Palace in the outskirts of Vienna ended the 9th International Seminar of OPEC.
00:41And this book, precisely under the name of World Oil Outbook 2050, has been released.
00:50And the main conclusions are extremely important for the future because they anticipate that the production of the oil will continue to increase from 103,000 barrels a day to 123,000 barrels a day.
01:08And mostly that production, that increase, is going to come from countries that not necessarily belong to the OPEC.
01:15We're talking about countries like India, some countries in Africa and the Middle East.
01:21Also, it's mentioned that the conclusion about the split of the energy that is going to be used is about 14 percent is going to be renewable energy,
01:33but 53 percent is going to continue being gas and oil and the supply of oil is not going to be at any risk.
01:45It's going to flow and the increase has not topped.
01:48Also, it's also important that they believe that it's necessary 17 billion dollars of investments precisely from here to 2050 to conclude the needs of this increase of production and increase of demand.
02:04The demand that is going to come mostly from the south, the global south, global south that is going to be needing that energy, that consumption of energy in industries like the petrochemical,
02:18they're talking about the aviation and talking about transportation.
02:23And finally, they believe that it's going to be a balanced equilibrium, a balanced total compression and total completion
02:32between the relation between renewable sources, renewable energy and traditional energies so that the increased synergy of both are going to continue in a way that they call and they use a word equilibrated.
02:49We finish with this coverage and we believe that we cannot forget what the president, the president that here has been invited, the vice president of Venezuela.
03:04We're talking about the vice president, Delcy Rodriguez, who says that they have to be extremely careful because she says what is going on in the world is a war.
03:14The world is at war and the countries producing a petrol energy, like the case of Venezuela, are under attack, under attack precisely in order to jeopardize their capacity of production.
03:33She says we don't have to forget that she was participating in a panel and in the panel were other countries.
03:41She says here were three countries and she mentions Libya, Iran and Venezuela in these three countries and say we are at the center.
03:51We are a target precisely of that war.
03:54She mentions a couple of other figures.
03:5626 percent of the production of oil in the world are in countries with unilateral sanctions.
04:0826 percent, 26 percent, 46 percent of the oil reserves are in countries also under unilateral sanctions.
04:19Venezuela, she said, has 1,040 world sanctions and that is absolutely devastated in order to produce investments for the future.
04:30In both ways, Venezuela cannot invest because they are very absolutely sabotaged for that.
04:36And also other countries of the world cannot come to Venezuela because they are also subject to sanctions.
04:43So very interesting what the OPEC in this seminar anticipates that is going to be the future of oil for the coming quarter century.
04:53We get back to you now.
04:58Thank you, Jorge.
04:59We will have more on the main takeaways from.
