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OPEC Slams IEA over ‘Moment of Truth’ for Oil

Days after the International Energy Agency (IEA) said that the oil and gas industry faces “a moment of truth” in choosing between fueling climate change and becoming a part of the solution, OPEC criticized the agency 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”.

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.”

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By Charles Kennedy for Oilprice.com

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  • Alex Ashton on November 27 2023 said:
    Gee, OPEC isn't on board with the vital nee to reduce our use of oil Surprise, surprise!

    The upcoming COP in the oil-soaked UAE will be equally predictable, and equally laughable, with oil money and lobbyists dominating every discussion. Might as well have a convention of foxes deciding the best way to protect the henhouse.
  • jack Prong on November 27 2023 said:
    “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.
    The IEA should be shut down! All it does is manipulate prices illegally! The IEA is nothing more than a front for the US Department of Energy. The Department of Energy (DOE) should be shut down and the nuclear component returned to the DOD. The DOE is a treasonous body of government! It's top people should be taken downtown, fingerprinted and booked for releasing secrets to adversarial states throughout its existence!

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