OPEC has repeatedly argued that forecasts that predict a rapid end to the era of oil are not grounded in reality and that amplifying them could sap new investment in oil and gas supply that the world needs.
Reports on what authors like to call the end of the oil era were a frequent reading some 20 years ago. At the time, the focus was peak supply and the consequent need to find alternatives to the fuel that powers the world. Now, 20 years later, there is once again a surge in reports and analyses predicting the end of the oil era. This time, however, they focus on the death of demand driven by alternative sources of energy. And the world’s biggest oil-producing group has had enough.
’s head, “What if investments in supply fall as a result, but demand for oil keeps increasing, as we are seeing today” This is not a new argument. In fact, it is has repeatedly argued that such forecasts are not grounded in reality and that amplifying them could sap new investment in oil and gas supply that the world needs. This, in turn, would eventually lead to a deficit and higher prices, which no consuming country would want to experience. In the MEES op-ed, however, Al Ghais went a step further, calling transition advocates out on their change of priorities.
Oil Oil Demand Economic Growth MOMR
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