Oil and gas industry earned US$4 trillion last year, says IEA chief

OSLO –

The international oil and fuel business’s income in 2022 jumped to some US$4 trillion from a median of $1.5 trillion lately, the pinnacle of the International Energy Agency (IEA), Fatih Birol, stated on Tuesday.

Despite these income, international locations relying on oil and fuel income ought to put together to cut back their reliance on petroleum as demand goes to fall in the long run, Birol instructed a convention in Oslo whereas talking by way of video hyperlink.

“Especially the countries in the Middle East have to diversify the their economies. In my view, the COP28 (climate summit) could be an excellent milestone to change the destiny of the Middle East countries,” Birol stated.

“You cannot anymore run a country whose economy is 90% reliant on oil and gas revenues because oil demand will go down,” he added.

This 12 months’s United Nations local weather talks shall be hosted by the United Arab Emirates, a members of the OPEC group of oil producing international locations.

Reporting by Nerijus Adomaitis, enhancing by Terje Solsvik