![]() ![]() ![]() Neighboring Saudi Arabia is also aggressively investing in new drilling to boost its spare capacity. The debate is sure to be heightened in the lead-up to the UN's COP28 climate change summit in November, hosted by the UAE, a core OPEC member that is rapidly expanding its crude production capacity in anticipation of future demand for its oil. With oil demand likely to hit record levels in 2023 - and grow again in 2024, according to most forecasts - boosted by the tailwind of the pandemic recovery and continued growth in emerging markets, climate change concerns have run headlong into energy security considerations for policymakers. ![]() "It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world." "Such narratives only set the global energy system up to fail spectacularly," Ghais said in a Sept. 12 op-ed in the Financial Times that declared the hastening decline of hydrocarbons a "welcome sight," OPEC Secretary General Haitham al-Ghais accused the agency of ideologically driven fear-mongering that would destabilize the world economy. In a sharply worded response to IEA Executive Director Fatih Birol's Sept. Receive daily email alerts, subscriber notes & personalize your experience. ![]()
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