OPEC challenges net zero ambitions, warning of energy security threats and predicting rising oil demand, contrary to IEA's forecasts.
Climate action to reach net zero undermines investment in the oil sector and jeopardises global energy security, warned
instead hiking demand expectations in its latest annual oil outlook report. Speaking yesterday at the publication’s launch in Riyadh, Saudi Arabia, he said “Calls to stop investments in new oil projects are misguided and could lead to energy and economic chaos.” This follows moves by to cut more than five million barrels per day out of global markets to prop up crude prices — with investors now fearing supply shortages, helping to drive rallies across major benchmarks. Brent Crude and WTI Crude prices climbed more than 25 per cent during the last quarter, with both benchmarks currently priced at $87.18 per barrel and $85.35 per barrel respectively.
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