Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticised the International Energy Agency’s ambitions of halting new fossil fuel projects to combat climate change.<\/p>\n
The IEA called in May on for a halt to new investment in oil, gas and coal extraction in order to boost chances of holding down the dangerous rise in global temperatures.<\/p>\n
But Oman’s energy minister, Mohammed al-Rumhi, said such “unilateral recommendations” were not helpful.<\/p>\n
“Recommending that we should not invest in new oil… I think that’s extremely dangerous,” he said at a conference jointly organised by his country with the IEA on energy transition in the Middle East and North Africa.<\/p>\n
“If we stop investing in fossil fuel industry abruptly there will be energy starvation and the price of energy will just shoot” higher and “in the short term we could see a 100 or 200 per barrel scenario,” said al-Rumhi.<\/p>\n
Crude oil prices have been fluctuating around $70 per barrel recently. “It’s very easy to sit in your comfort zone and talk about efficiency and solar and renewables… and then we forget a third of the world population is suffering from a lack of energy,” said al-Rumhi.<\/p>\n
The criticism appeared aimed at the head of the IEA, Fatih Birol, who had urged countries in the Middle East and North Africa region to develop renewable energy.<\/p>\n
Birol spoke about what he called a “bitter truth” that Middle East energy producing nations face: the countries which account for 70 percent of global GDP have undertaken to reach net zero carbon emissions by 2050.<\/p>\n
“This will have implication for oil demand and therefore for investments,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticised the International Energy Agency’s ambitions of halting new fossil fuel projects to combat climate change. The IEA called in May on for a halt to new investment in oil, gas and coal extraction in order to boost chances of holding down the dangerous rise in global temperatures. But Oman’s energy minister, Mohammed al-Rumhi, said such “unilateral recommendations” were not helpful. “Recommending that we should not invest in new oil… I think that’s extremely dangerous,” he said at a conference jointly organised by his […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-435443","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/435443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=435443"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/435443\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=435443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=435443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=435443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}