Vienna: OPEC Secretary General Haitham Al Ghais has called for the International Energy Agency (IEA) to re-evaluate its previous forecasts, following its declaration of the "beginning of the end of the fossil fuel era" two years ago. Al Ghais emphasized the need for the IEA to face the current realities of the energy market.
According to Kuwait News Agency, Al Ghais responded in an article to statements made by the IEA Executive Director during an interview with "Financial Times" in September 2023. The IEA head claimed that the world is witnessing the end of the fossil fuel era and advised preparations for the next phase. However, Al Ghais pointed out contradictions in the IEA's recent "World Energy Outlook (WEO) 2025" report, which indicates that oil and gas will continue to play a significant role in the global energy mix for decades.
Al Ghais highlighted the 'Current Policy Scenario' (CPS) from the WEO 2025, which states that oil and gas demand will not peak until 2050, and oil will remain the dominant fuel. He compared OPEC's World Oil Outlook, projecting total liquids demand at just under 123 million barrels per day (mb/d) by 2050, with the IEA's CPS estimate of just over 119 mb/d.
Al Ghais acknowledged that the IEA has published alternative scenarios, yet noted that it is the first time in years that the agency has recognized the significant future role of oil and gas. He referenced the IEA's new Accelerating Clean Cooking and Electricity Services Scenario (ACCESS), which highlights the importance of liquefied petroleum gas (LPG) in achieving universal access to clean cooking.
Al Ghais criticized the IEA's previous calls for halting new oil investments, considering them wishful thinking. He mentioned the IEA Executive Director's remarks at CERA Week in March 2025, emphasizing the need for investment in oil and gas fields to maintain global energy security. The IEA report, "The Implications of Oil and Gas Field Decline Rates," warns that lack of upstream investment could significantly impact global market balance.
OPEC believes these developments confirm the need for an inclusive energy approach. Al Ghais stated that history shows energy sources complement each other, with renewables requiring oil products for their development. He criticized the industry's focus on 'peaks' as detrimental to sound analysis and policy development.
Al Ghais concluded by calling for analysis grounded in energy realities, hoping the IEA's World Energy Outlook signifies a shift away from the notion of 'peak oil.'