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OPEC criticizes oil demand estimates

Vienna, Sep 15 (Prensa Latina) The Organization of Petroleum Exporting Countries (OPEC) criticized the estimates from the International Energy Agency (IEA) regarding the demand for crude oil until 2030.

In a statement, the oil entity said that the data-driven forecasts do not support that fossil fuel demand will peak in 2030.

IEA Executive Director Fatih Birol said in an opinion article published in the Financial Times that the agency’s new estimates show the approaching end of the seemingly relentless growth of demand.

Such a view has major implications for the global energy sector and the fight against climate change.

OPEC noted the danger of such projections, as they are often accompanied by calls to halt new investments in oil and gas.

They insisted that such claims only serve to cause the global energy system to fail miserably, a view that was reaffirmed by OPEC Secretary General Haitham Al Ghais.

OPEC said the projections do not take into account ongoing technological achievements in the oil and gas industry to reduce emissions, and that 80 percent of the global energy mix comes from fossil fuels, like three decades ago.


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