Opec terms oil phaseout a fantasy; IEA disagrees

Published September 25, 2024
Haitham Al-Ghais, general secretary of Organization of the Petroleum Exporting Countries (OPEC), attends the Rio Oil & Gas & Energy 2024 (ROG.e) meeting in Rio de Janeiro, Brazil September 24, 2024. — Reuters
Haitham Al-Ghais, general secretary of Organization of the Petroleum Exporting Countries (OPEC), attends the Rio Oil & Gas & Energy 2024 (ROG.e) meeting in Rio de Janeiro, Brazil September 24, 2024. — Reuters

PARIS: Opec said on Tuesday that phasing out oil was a “fantasy”, as the Saudi-led cartel forecast that demand would keep growing until at least 2050.

The oil cartel’s prediction runs counter to the assessment of the Paris-based International Energy Agency, which sees demand for fossil fuels peaking this decade.

A goal to triple global renewable energy capacity by 2030 and cut fossil fuel use is within reach, the International Energy Agency said in a report on Tuesday, but will require a huge push to unlock bottlenecks such as permitting and grid connections.

In Opec’s annual World Oil Outlook, Secretary General Haitham Al Ghais said oil and gas make up well over half of the energy mix today “and are expected to do the same in 2050”. “What the Outlook underscores is that the fantasy of phasing out oil and gas bears no relation to fact,” Ghais said in the report’s foreword.

“A realistic view of demand growth expectations necessitate adequate investments in oil and gas, today, tomorrow, and for many decades into the future,” he added.

Published in Dawn, September 25th, 2024

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Words that wound
Updated 18 Jun, 2026

Words that wound

Hate speech rarely begins with physical attacks.
‘New urban province’
18 Jun, 2026

‘New urban province’

CONSIDERING the advance state of urban decay that affects Karachi, voices are often raised calling for the megacity,...
Punjab budget: mixed bag
18 Jun, 2026

Punjab budget: mixed bag

PUNJAB’S budget for FY27 is a mix of good and bad political choices, with a cash-strapped centre tightening the...
Spoiler alert
17 Jun, 2026

Spoiler alert

AFTER the temporary peace deal between the US and Iran is physically signed in Geneva on Friday, an arduous process...
Storm-tested cities
17 Jun, 2026

Storm-tested cities

THE deaths caused by the latest spell of monsoon rains in KP and Punjab illustrate how quickly severe weather can...
Chakwal tragedy
17 Jun, 2026

Chakwal tragedy

A NINE-year-old girl is dead because a Punjab Crime Control Department gunman mistook her family’s car for a...