The Organization of the Petroleum Exporting Countries (OPEC) said data-based forecasts do not support the International Energy Agency’s (IEA) projection that demand for fossil fuels would peak in 2030

“The pathway to net zero is narrow but still achievable. If we want to reach net zero by 2050 we do not need any more investments in new oil, gas and coal projects,” Fatih Birol, the IEA’s executive director

Climate-changing CO2 emissions are set to surge by the second-biggest amount in history this year as the global economy recovers from the Covid-19 pandemic, the IEA warned

The energy industry is set to suffer a record drop in investment due to the coronavirus fallout, the IEA said, and while renewables are likely to fare better than oil, any swift economic recovery could create a global fuel crunch

International Energy Agency (IEA) Executive Director Fatih Birol said that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand

The energy watchdog said it expected oil demand to be 99.9 million barrels per day (bpd) in 2020, lowering its annual forecast by almost 1 million and signaling a contraction of 90,000 bpd