Oil and gas industry earned US$4T last year, says IEA chief – National | 24CA News
The international oil and gasoline business’s income in 2022 jumped to some US$4 trillion from a median of $1.5 trillion in recent times, the top of the International Energy Agency (IEA), Fatih Birol, mentioned on Tuesday.
Despite these income, international locations relying on oil and gasoline income ought to put together to scale back their reliance on petroleum as demand goes to fall in the long run, Birol informed a convention in Oslo whereas talking by way of video hyperlink.
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“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 mentioned.
“You cannot anymore run a country whose economy is 90 per cent reliant on oil and gas revenues because oil demand will go down,” he added.
This 12 months’s United Nations local weather talks might be hosted by the United Arab Emirates, a members of the OPEC group of oil producing international locations.
