2023-11-28T17:58:46+00:00
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Teh Association of the Petroleum Exporting Countries (OPEC) refuted, on Tuesday, the latest report issued by the International energy Agency, which considered that the oil industries are behind climate change.
The organization said in a report reported by the “CNBC Arabia” network specializing in economic affairs, “The IEA’s vision represents a very narrow framework for the challenges facing us, and this may reduce the importance of issues such as energy security, access to energy, and the ability to afford it’s costs. It also tarnishes the reputation of “The industry is unfairly considered to be behind the climate crisis.”
This came after the agency, in a report last week – which sparked more controversy last week - titled “The Oil and Gas Industry in Net Zero Transitions,” called on the sector to choose between fueling the climate crisis or adopting the energy transition to clean energy.
The Secretary-General of the organization, Haitham Al-Ghais, stressed in the statement published on its website, “It is ironic that the agency, which has repeatedly changed its narratives and expectations on a regular basis in recent years, is now talking about the oil and gas industry, and saying that this is the moment of truth.” .
He pointed out that “the way social media platforms have been used in recent days to criticize and direct the oil and gas industry is undiplomatic, to say the least.”
The statement stated, “OPEC also believes that the IEA’s proposed framework for assessing the compatibility of companies’ goals with the (zero emissions) scenario aims to limit the actions and sovereign options of developing countries producing oil and gas, by putting pressure on national oil companies.”
this framework also contrasts with the “bottom-up” approach of the Paris Agreement, where each contry decides the means to contribute to reducing global greenhouse gas emissions, based on national capabilities and circumstances, and this is likely to reduce investment and undermine security of supply. It is one of the main tasks of the International Energy Agency.
According to Al-Ghais, “energy security, access to energy, and the ability to afford energy for all must go hand in hand with reducing emissions… and this requires large investments in all energy sources, in various technologies, and understanding the needs of the people,” adding “At OPEC, we reiterate that the world should focus on the task of reducing emissions, and not choosing specific sources of energy.”
The statement added, “In a world that needs more dialog, we reiterate that pointing fingers is not a constructive approach. It is vital to work cooperatively and work with determination to ensure that emissions are reduced and that people have access to the energy products and services they need to help them lead a pleasant life.”
Al-Ghais stressed that “these dual challenges should not contradict each other,” adding, “We need to understand that all countries have their own structured paths to the energy transition, and we need to ensure that all voices are heard, not just a select few.” “We need to ensure that energy transitions enable economic growth, enhance social mobility, enhance energy access and reduce emissions at the same time.”
In another context, a source in the OPEC+ alliance said yesterday, monday, that the alliance is considering further reducing its oil production, after postponing its policy meeting until next thursday.
A draft agenda showed that the coalition will begin online meetings to determine oil production levels at 1300 GMT on Thursday,according to Reuters.
The meeting was postponed from november 26. Sources in OPEC+ said that this was due to a dispute over the production levels of african producers, but sources then said that the alliance was close to reaching a settlement in
Several analysts expect that the OPEC+ alliance will extend or increase production cuts next year in order to support prices, which today, Monday, slightly exceeded $80 per barrel, down from about $98 in late last September.
A source in the OPEC+ alliance expected that Thursday’s meeting would address the option of “additional collective cuts,” without providing details.
In addition, the Kuwaiti Ministry of Oil said in a post on the social media platform “X” (formerly Twitter) that Kuwait, a member state of OPEC, is committed to any decisions issued by the organization, especially those related to market shares and oil production.
– How can oil-producing nations transition to renewable energy while maintaining economic stability?
Interview Between time.news Editor and Oil & Energy Expert
Editor: Welcome to Time.news, were we take a deep dive into the most pressing issues of our time. Today, we’re discussing a topic that’s generating substantial debate globally—the role of the oil industry in climate change. Joining me is Dr. Alex Thompson, an expert in energy policy and environmental sustainability. alex, thank you for being here.
Dr. Thompson: Thank you for having me. It’s a pleasure to discuss this critical issue.
Editor: So,recently,OPEC refuted claims made by the International Energy Agency (IEA) suggesting that the oil sector is significantly responsible for climate change. What are your thoughts on OPEC’s response to this assertion?
Dr. Thompson: OPEC’s position is quite revealing. Their statement highlights a broader concern regarding how climate change is addressed and who is held responsible. They argue that the IEA’s perspective may overlook substantial issues like energy security and access to affordable energy, which are crucial for many countries, especially developing ones.
Editor: That’s a fair point.OPEC seems to suggest that a narrow focus on the oil industry might undermine essential discussions about energy access and affordability. Do you think there’s merit to this argument?
Dr. Thompson: Absolutely. while it’s critical to hold the fossil fuel industry accountable for its role in greenhouse gas emissions, we also need to recognize the complexities of transitioning to a more sustainable energy model. For many regions, oil and gas remain vital for economic stability and energy security. So, while we shoudl strive for a net-zero future, we can’t neglect the socio-economic realities at play.
Editor: you mentioned the complexities of transitioning to clean energy. The IEA’s report titled “the Oil and Gas Industry in Net Zero Transitions” emphasizes that the sector needs to choose between fueling the climate crisis or moving toward clean energy. How doable is this transition for oil producers?
Dr. Thompson: The transition is indeed complex and multifaceted. While many oil-producing countries are exploring renewable energy investments, they also face significant challenges. As an example, the economic dependency on oil revenue can inhibit rapid change. Moreover,there needs to be a viable technological and financial framework to support this transition,ensuring that existing communities relying on oil jobs are not left behind.
Editor: It’s a delicate balance,isn’t it? As Haitham Al-Ghais,the Secretary-General of OPEC,pointed out,the IEA has frequently adjusted its narratives. Do you think transparency and consistency in these discussions are crucial for progressing toward a solution?
Dr.Thompson: Yes, consistency and transparency are essential.the energy landscape is evolving, but that evolution needs to be based on solid data and inclusive discussions. If institutions like the IEA keep changing their positions, it could lead to confusion and mistrust among stakeholders.Clear communication about the challenges and pathways forward can help bridge divides.
Editor: given the current tensions and conflicting narratives, what do you think the future holds for collaboration between oil-exporting nations and climate advocates?
Dr. Thompson: Future collaboration is essential but will require a shift in dialog. instead of placing blame, it would be beneficial for all parties to focus on shared goals, like sustainable growth and energy innovation. Engaging oil-producing countries in the conversation about renewables—not just as contributors to climate change but as partners in transitioning to a sustainable energy future—could lead to more effective solutions.
Editor: It sounds like the path forward demands inclusivity and cooperation. As we wrap up, what’s the main takeaway you’d like our readers to remember?
Dr. Thompson: The takeaway is that while the oil industry plays a significant role in climate issues, the path to a sustainable future must consider various factors, including economic realities, energy security, and the need for an inclusive dialogue.Transitioning to clean energy isn’t just about halting oil production; it’s about envisioning a holistic approach that meets both environmental and social needs.
Editor: Thank you, Dr. thompson, for your valuable insights. It’s clear that navigating the future of energy will require careful consideration of multiple perspectives. We appreciate your time today.
Dr. Thompson: Thank you for having me! I’m glad to be part of this vital conversation.