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The Organization of the Petroleum Exporting Countries (OPEC) stated that the scenario provided in the International Energy Agency’s (IEA) report could affect companies’ investments and demand for oil, Reuters reported.
According to the report, investors should not fund new oil, gas, and coal supply projects if the world wants to reach net zero emissions by mid-century.
“The claim that no new oil and gas investments are needed post-2021 stands in stark contrast with conclusions often expressed in other IEA reports and could be the source of potential instability in oil markets if followed by some investors,” OPEC said.
Without greater international cooperation, global CO2 emissions will not fall to net zero by 2050, the organization added.
