OPEC says oil will remain number one, despite green energy push
Al Jazeera
OPEC’s latest World Oil Outlook warns that failure to keep investing in fossil fuels could risk geopolitical instability.
Halting new investments in fossil fuels is “wrongheaded” despite global commitments to transition to greener energy, the head of the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday, as he warned that oil demand will continue to accelerate in the coming years as economies bounce back from the COVID-19 pandemic.
OPEC sees oil demand returning to pre-pandemic levels next year and continuing to surge by 1.7 million barrels per day (bpd) in 2023.
Presenting the cartel’s annual World Oil Outlook at OPEC headquarters in Vienna, Secretary General Mohammad Barkindo warned that funds are critical to keeping up with surging demand.
