According to Al Ghais, revenues generated from oil sales are often reinvested by oil-producing countries into the oil sector.
He stated that OPEC member countries reinvested a substantial portion of their revenue into exploration, production, and transportation projects.
That reinvestment, he said, ensured the continuous supply of oil to meet global demands.
On the other hand, the OPEC boss noted that consuming countries’ governments received significant revenue from taxes imposed on petroleum products.
Subscribe our newsletter to stay updated
Thank you for subscribing!
Subscribe our newsletter to stay updated
Thank you for subscribing!