Why OPEC Is Increasingly Frustrated With The IEA

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Cliff_N
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Why OPEC Is Increasingly Frustrated With The IEA

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https://www.zerohedge.com/energy/why-opec-increasingly-frustrated-iea

BY TYLER DURDEN
FRIDAY, MAY 05, 2023 - 12:20 PM
Authored by Felicity Bradstock via OIlPrice.com,

While there have been tensions between OPEC and the IEA for quite some time, the rhetoric between the two has ratcheted up recently over the future of the oil industry.

The IEA has been aggressively pushing for a global energy transition, a position that OPEC believes is dangerous and ignores the data that shows more oil will be needed.

While investment in both fossil fuels and clean energy projects will continue for years, there are bound to be conflicts over exactly how much should go to each energy source.

OPEC warned the International Energy Agency (IEA) last week that it should be “very careful” about discouraging oil investments. This comes following reports the previous month about the severe underinvestment in oil and gas, as demand for fossil fuels remains high. While organizations such as the IEA and IRENA are calling on companies to shift their funding away from oil and gas to renewable alternatives, to accelerate the green transition, many energy experts are concerned about the lack of funding for fossil fuels, which will still be needed to bridge the gap to green energy security.

More at the link.
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