That is the topic of a current article revealed by OPEC, the Group of Petroleum Exporting International locations, which we are going to elaborate on at present.
However earlier than that, a sentence (despite the debate) attributed to Sheikh Zaki Yamani, former Saudi oil minister:
The OPEC article begins like this:
“When launching your World Energy Outlook 2024, the IEA (International Energy Agency) stated that “the future of the global energy system is electric”. This follows his declare that demand for coal, oil and fuel will peak on the finish of the last decade. Moreover, the IEA Government Director said: “In the history of energy, we have witnessed the Age of Coal and the Age of Oil – and we are now rapidly moving into the Age of Electricity, which will redefine the global energy system.”
Within the article, OPEC discusses the accuracy of those references to the Age of Coal and the Age of Oil as “things of the past”, contemplating that coal, oil and fuel collectively nonetheless signify round 80% of the worldwide vitality combine.
It additionally highlights that “energy sources exist in a relationship of mutual dependence”, reasonably than combating a “battle for competition and substitution”.
OPEC additionally challenges the IEA’s perception that the world is quickly shifting in direction of a brand new Electrical Age as a result of following issues:
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the mass growth of electrical energy requires an exponential enhance in demand for crucial minerals;
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an unprecedented growth of the distribution community capability is important, for which it cites an IEA report that signifies that 80 million kilometers of latest traces might be wanted by 2040;
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electrical grid, insulating cables and transformer oils depending on important petroleum merchandise;
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diesel-dependent mining autos and tools; and
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metal and cement industries depending on coal.
Power safety is the final matter of the article, when OPEC remembers “the energy priorities of the 685 million people who still do not have access to electricity and the 2.1 billion people who continue to depend on unsafe cooking fuels differ greatly from those who advocate which type of energy should be chosen… For a fair and sustainable energy future that we all aspire to, OPEC continues to advocate an “all people, all energies, all technologies” method.
Click on on the picture beneath for this October 18, 2024 OPEC article.
OPEC is headquartered in Europe. After 5 years in Geneva, Switzerland, in 1965 OPEC was transferred to Vienna, Austria. The group was initially shaped by 5 oil-producing growing international locations – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela – in Baghdad in September 1960, and was later joined by another international locations. Click here for a brief history of OPEC.
And concerning the IEA, listed below are two articles we posted in 2024:
