Oct 03

Head of OPEC warns of a ‘dangerous’ lack of investment in oil

Head of the Organization of the Petroleum Exporting Countries, Haitham Al Ghais has raised alarm about underinvestment in the oil industry, warning it could lead to global energy security risks and push crude oil prices to $100 per barrel. This concern, according to CNN, follows the International Energy Agency’s prediction that global demand for fossil fuels is likely to peak by 2030. Achieving climate goals requires a 25% reduction in global fossil fuel demand by 2030.