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    Home > Chemicals Industry > Chemical Technology > IEA: Large oil exporters are under pressure to diversify their economies

    IEA: Large oil exporters are under pressure to diversify their economies

    • Last Update: 2022-11-26
    • Source: Internet
    • Author: User
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    The world's largest oil and gas producers are under unprecedented pressure to reduce their reliance
    on energy revenues as improvements in fuel efficiency and the development of electric vehicles could dent demand and weaken their finances, the International Energy Agency (IEA) said on Thursday.

    The IEA warns that failure to act or fail efforts to diversify revenue sources will increase risks to producer countries and global markets
    .

    Fatih Birol, Director of the International Energy Agency, said: "I believe that the development paradigm of these countries needs to be fundamentally changed, which is more needed
    than at any time in recent history.

    Structural factors, such as a surge in U.
    S.
    shale oil production, have put pressure
    on the budgets of oil-producing countries.
    Shale oil production is stealing market share from rivals such as Saudi Arabia or Nigeria from the supply side, and oil producers' budgets are already under pressure
    as efforts to reduce fossil fuel use to slow demand-side climate change.

    123Next View full article

    The world's largest oil and gas producers are under unprecedented pressure to reduce their reliance
    on energy revenues as improvements in fuel efficiency and the development of electric vehicles could dent demand and weaken their finances, the International Energy Agency (IEA) said on Thursday.

    petroleum

    The IEA warns that failure to act or fail efforts to diversify revenue sources will increase risks to producer countries and global markets
    .

    Fatih Birol, Director of the International Energy Agency, said: "I believe that the development paradigm of these countries needs to be fundamentally changed, which is more needed
    than at any time in recent history.

    Structural factors, such as a surge in U.
    S.
    shale oil production, have put pressure
    on the budgets of oil-producing countries.
    Shale oil production is stealing market share from rivals such as Saudi Arabia or Nigeria from the supply side, and oil producers' budgets are already under pressure
    as efforts to reduce fossil fuel use to slow demand-side climate change.

    123Next View full article
    123Next View full article
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