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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    OPEC: IEA's path towards zero net emissions could increase oil price volatility

    Rocky
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    • Post n°1

    OPEC: IEA's path towards zero net emissions could increase oil price volatility Empty OPEC: IEA's path towards zero net emissions could increase oil price volatility

    Post by Rocky Fri 21 May 2021, 7:06 am

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    Follow-up -
    OPEC confirmed, today, Thursday, that a report from the International Energy Agency urges investors not to finance new oil projects in order to curb emissions that may lead to fluctuations in the price of crude if it is introduced.
    On Tuesday, the Energy Agency said that investors should not finance new oil, gas and coal projects if the world is to achieve net zero emissions by mid-century, in the most severe warning so far about the importance of reducing fossil fuel consumption.
    The research division of the Organization of the Petroleum Exporting Countries, whose 13 members own over 80 percent of global crude oil reserves, issued an internal document on the IEA report.
    OPEC said, "The claim that there is no need for new investments in oil and gas after 2021 is in stark contrast to the conclusions repeatedly mentioned in other reports of the Energy Agency and may become a source of potential instability in the oil market if taken by some investors."
    She added that "a possible scenario in the report of the Energy Agency may affect the way companies invest and limit the demand for oil. OPEC currently expects a strong recovery of oil demand this year and its continued rise until the thirties of this century."
    OPEC said, "While the perception of reaching net zero emissions appears to be overly ambitious in terms of assumptions and results, it will undoubtedly affect investment decisions, which could curb (growth) demand for fossil fuels such as oil and gas, as many are used. Policymakers and oil and gas companies' perceptions of the IEA when developing their strategic plans.
    "For many developing countries, the path towards zero net emissions is unclear in the absence of international assistance and they will need technical and financial support to achieve it," the organization said.
    "In the absence of greater international cooperation, global carbon dioxide emissions will not decline to net zero by 2050," OPEC said.
    Source: Reuters
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