National Economy
Wednesday, October 1, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Companies & Markets

OPEC, IEA Agree On Oil Security

by Chika Izuora
2 years ago
in Companies & Markets
Reading Time: 2 mins read
OPEC
Share on FacebookShare on TwitterShare on Telegram

The Organisation of Petroleum Exporting Countries(OPEC) said on Wednesday that it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook. 

The commentary by the IEA, which advises industrialised countries, follows clashes between it and OPEC in recent years over issues such as long-term demand and the need for investment in new supplies. 

“At OPEC, we are encouraged by this message and the reference to the continuing importance of oil to the world,” the OPEC said in a statement. 

The two sides have diverging views on oil demand for this year and beyond and the IEA expects demand to peak by 2030 while OPEC sees no peak in its forecasts, which stretch to 2045.

You May Like

Marconi.NG EPC Appoints Unuigbe As Chairman

First Bank To Launch Tailored Services For Physically-challenged Customers

 The IEA said, global dependence on oil was decreasing but remained deep-rooted and supply disruptions could still lead to “significant economic harm and have a substantial negative impact on people’s lives.

“There is a high degree of uncertainty around how quickly demand will fall, leaving oil companies facing difficult and commercially risky decisions around upstream investment,” the IEA said in a commentary by energy security analyst, Ronan Graham and researcher, Ilias Atigui on Monday. 

The OPEC agreed but said the IEA’s calls for no new investments in oil and natural gas have “contributed significantly to this uncertainty, which has the potential to lead to major energy chaos, not the desired energy security.”

The IEA and OPEC’s views on demand are further apart than they have been for at least 16 years, Reuters reported this week. OPEC+, which groups OPEC and allies including Russia, decided in 2022 it would stop using data from the IEA when assessing the state of the oil market. 

Almost 200 countries at December’s COP28 climate summit in Dubai agreed the world needs to transition away from fossil fuels.

 The IEA in 2021 said investors should not fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century, a turnaround from earlier calls to invest more.

 “OPEC has consistently reaffirmed its commitment to oil market stability and security of supply, including through its Members holding spare capacity at their own cost in case of any unforeseen global oil supply disruptions,” OPEC said.

Saudi Arabia, OPEC’s de facto leader, was for decades the world’s only source of significant spare oil capacity, which acts as a safety cushion for global supplies in case of major disruptions. 

In recent years, fellow OPEC member the United Arab Emirates has also built up spare capacity.

 The IEA argued that increasing clean energy is the most effective way for governments to boost energy security.

 

 

Tags: Oil SecurityOPEC
ShareTweetShare
Previous Post

Assessing GE Vernova’s Intervention As Nigeria Accelerates Investment In Power Sector

Next Post

LAPO Backs NextechCzar Incubation Programme

ANOTHER GOOD READ

Marconi.NG EPC Appoints Unuigbe As Chairman
Companies & Markets

Marconi.NG EPC Appoints Unuigbe As Chairman

3 days ago
NiDCOM Partners With FirstBank On Banking Services For Diaspora Housing Platform
Companies & Markets

First Bank To Launch Tailored Services For Physically-challenged Customers

3 days ago
Insoluble Fibre Concentrate To Reduce Livestock Mortality
Companies & Markets

Insoluble Fibre Concentrate To Reduce Livestock Mortality

3 days ago
Tizeti Unveils AI-powered Customer Experience Upgrade
Companies & Markets

Tizeti Unveils AI-powered Customer Experience Upgrade

3 days ago
CBN, SEC Approve Wema Bank’s N150bn Rights Issue
Companies & Markets

CBN, SEC Approve Wema Bank’s N150bn Rights Issue

2 weeks ago
SEC Urges Graduating Cadets To Explore Capital Market Investment Opportunities
Companies & Markets

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors – SEC

2 weeks ago
Next Post
lapo

LAPO Backs NextechCzar Incubation Programme

Most Recent

Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

Nigeria at 65: Completing the Work of Freedom

October 1, 2025
NASRDA Pushes Space Education

NASRDA Pushes Space Education

October 1, 2025

Nigeria’s London Mission Staff Trained On Data Privacy Compliance

October 1, 2025
Experts Warn: Banking Without AI Is A Losing Strategy

Experts Warn: Banking Without AI Is A Losing Strategy

October 1, 2025
Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

October 1, 2025
Trade Fair Vendors Decry Low Patronage, Express Optimism

Trade Fair Vendors Decry Low Patronage, Express Optimism

October 1, 2025
SON Raises Alarm Over Influx Of Fake Engine Oil In Nigeria

Global Economy Loses $4.7trn Annually To Fraud – SON

October 1, 2025
AfDB, Partners Raise $2.2bn For Agro Zones Expansion

AfDB, Private Sector Leaders Forge Stronger Alliance For Africa’s Growth

October 1, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy