It’s been a war of words and numbers between two of the world’s largest energy organizations \u2013 the International Energy Agency and OPEC \u2013 as\u2026
It's been a war of words and numbers between two of the world's largest energy organizations – the International Energy Agency and OPEC – as they spar over the future of something crucial to crude producers' survival: peak oil demand.
"Such narratives only set the global energy system up to fail spectacularly," OPEC Secretary General Haitham al-Ghais said in a Sept. 14 statement."It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world." He accused the agency of fear-mongering and risking the destabilization of the global economy.
"I don't know if we're going to have peak oil in 2030. But it's very dangerous to say that we have to reduce investment because that is against the transition," Claudio Descalzi, CEO of Italian multinational energy company Eni, said Monday during a panel hosted by CNBC's Steve Sedgwick. The IEA wrote in its Aug. 2023 report that"world oil demand is scaling record highs" and is set to expand this year, but added that faster adoption of electric vehicles and renewable power, as well as the West's decoupling from Russian gas, will hasten peak demand before 2030.
But those figures are staggering when confronted in real-world terms: during the most intense global lockdown period of the Covid-19 pandemic, in March and April of 2020, worldwide daily oil demand was slashed by 20% – something only possible because the economy came to a near-complete standstill. The IEA's roadmap calls for daily oil demand to be slashed by 25% in seven years' time.
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