OPEC chief Haitham Al Ghais has launched a scathing attack on the International Energy Agency (IEA), accusing the organization of vilifying the oil and gas industry. This latest clash between the two groups comes just days before the highly anticipated COP28 climate summit in Dubai.
Ghais pointed to a recent note published by the IEA, which suggested the fossil fuel industry was facing a “moment of truth” and had to choose between deepening the climate crisis or moving to clean energy. He argued that this framing of the challenges was too simplistic and downplayed important issues such as energy security, access and affordability.
Ghais further accused the IEA of unfairly vilifying industry as responsible for the climate crisis, claiming that such claims were both narrow-minded and unfair. He noted that the Organization of the Petroleum Exporting Countries (OPEC) and the IEA have clashed repeatedly in recent years over issues such as the outlook for long-term oil demand and investment in new hydrocarbon supplies.
This latest controversy comes as the United Arab Emirates prepares to host the COP28 climate summit, where OPEC has confirmed its presence. Interestingly, the IEA’s prediction that global demand for fossil fuels will peak in 2030, driven by the rise of electric cars and China’s economic growth, stands in stark contrast to OPEC’s disagreement with this forecast
OPEC, led by Saudi Arabia, has labeled these projections “dangerous”, arguing they could lead to calls to halt new oil and gas investment, which would in turn jeopardize energy security. The IEA, however, continues to criticize carbon capture technologies, dismissing them as wishful thinking.
In response, Ghais lamented the IEA’s stance on technologies such as carbon capture, utilization and storage (CCUS), which are recognized by the United Nations’ Intergovernmental Panel on Climate Change as part of the solution. He emphasized that the energy challenges facing the world are complex and cannot be reduced to a binary issue.
Rising tensions between OPEC and the IEA have added an unexpected layer of drama to the upcoming COP28 summit. As world leaders, policy makers and industry stakeholders gather in Dubai, the future of energy, climate action and the role of fossil fuels will undoubtedly be at the forefront of discussions.
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