OPEC Slams IEA Over ‘Moment Of Truth’ For Oil

The Secretary General for Organisation of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais has condemned the International Energy Agency (IEA) for vilifying the industry and for playing down energy security and affordability.

Last week, the IEA published a report saying that a “moment of truth” is coming for the oil and gas industry as most companies are watching the energy transition from the sidelines, with oil and gas producers accounting for only 1% of total clean energy investment globally.

“Producers must choose between contributing to a deepening climate crisis or becoming part of the solution by embracing the shift to clean energy,” the IEA said.

Commenting on the report, OPEC Secretary General Haitham Al Ghais said in a statement on Monday,

“It is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a ‘moment of truth’.”

“The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least. OPEC itself is not an organization that would prescribe to others what they should do,” Al Ghais said.

OPEC also criticized the agency for describing carbon capture utilization and storage (CCUS) an “illusion”.

Regrettably, the IEA report now also calls technologies such as carbon capture utilization and storage (CCUS) an “illusion”, even though Intergovernmental Panel on Climate Change assessment reports endorse such technologies as part of the solution to tackle climate change.

“The truth that needs to be spoken is simple and clear to those who wish to see it. It is that the energy challenges before us are enormous and com­plex and cannot be limited to one binary question,” said Al Ghais.

“Energy security, energy access and energy affordability for all must go hand-in-hand with reducing emissions. This requires major investments in all energies, all technologies, and an understanding of the needs of all peoples. At OPEC, we repeat that we believe the world has to concentrate on the task of reducing emissions, not choosing energy sources,” he added.

Al Ghais concluded: “We do see a ‘moment of truth’ ahead. We need to understand that all countries have their own orderly energy transition pathways, we need an assurance that all voices are heard, not just a select few, and we need to ensure that energy transitions enable economic growth, enhance social mobility, boost energy access, and reduce emissions at the same time.”

Source: https://energynewsafrica.com