By Francis Ekeh

Secretary General of the Organisation of Petroleum Exporting Countries, Haitham Al Ghais, has warned that global oil production capacity was dropping.
 Speaking during a recent interview with S&P Global Commodity Insights, he stated the refinery sector was not keeping pace with growing fuel demands, putting the world at risk of future supply crunches.
“The industry needs significant investment, but finds itself in an increasingly challenging financial environment, exacerbated by ‘unhelpful criticism and misguided narratives’ about fossil fuels,” he explained.

Ghais cautioned against jumping to conclusions and advised waiting until ministers convene in early June.
Furthermore, he noted that it was crucial to restate that the voluntary production adjustments announced in April 2023 were made independently by individual countries and were not part of the DoC framework.
He added that given market developments in the period since those voluntary adjustments had proven to be the right ones.
“Over the years, the DoC has consistently demonstrated its attentiveness, proclivity, and adaptability, going to great lengths to stabilise the oil market during these exceptional circumstances. This commitment serves the best interests of producers, consumers, the oil industry, and the global economy, and there is no question that this dedication will persist