July 18, 2024

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OPEC says oil industry unjustly vilified ahead of COP28

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OPEC has refused to switch to bigger output increases as group sources have cited a lack of spare capacity among members to add more barrels as well as the need for further cooperation with Russia as part of the wider OPEC+ group.

Dado Ruvic | Reuters

The Organization of Petroleum Exporting Countries on Monday said the oil and gas industry is being unjustly vilified ahead of a pivotal United Nations conference on the climate crisis later this week.

OPEC Secretary General Haitham Al Ghais pushed back against accusations that the industry is not doing enough to reduce carbon emissions.

The industry was taken to task last week for its role in the climate crisis and its commitment to clean energy by the Paris-based International Energy Agency (IEA).

Oil and gas companies face a “moment of truth” in which they must choose between deepening the climate crisis or embracing the shift to clean energy, according to an IEA report published last Thursday.

The OPEC chief, who’s also a Kuwaiti oil executive, accused the IEA of downplaying the importance of energy security, access and affordability, all of which need to be balanced with reducing emissions, he said.

‘Undiplomatic’

“It also unjustly vilifies the industry as being behind the climate crisis,” Al Ghais said in a statement, calling the IEA’s accusations “undiplomatic to say the least.”

The charges come ahead of the United Nations Climate Change Conference that opens Thursday, hosted by the United Arab Emirates, an OPEC member.

Al Ghais accused the IEA of trying to curtail the “sovereign actions” of developing nations by putting pressure on their national oil companies.

But IEA chief Fatih Birol said the industry needs to come to terms with the “uncomfortable truth” that a successful clean energy transition will require scaling back oil and gas operations, not expanding them.

The U.S. oil giants Exxon and Chevron are doubling down on fossil fuels, each announcing with mega acquisition deals in October, purchasing Pioneer Natural…



2023-11-27 13:43:00

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