Friday, 06 November 2024.
That is the topic of a latest article printed by OPEC, Group of the Petroleum Exporting Nations, about which we are going to elaborate at present.
However earlier than that, one phrase (in spite of debate) attributed to Sheikh Zaki Yamani, a former Saudi oil minister:
OPEC article begins like this:
“In launching its World Energy Outlook 2024, the IEA (International Energy Agency) stated that “the future of the global energy system is electric.” This follows its assertion that demand for coal, oil and fuel will peak by the tip of the last decade. Moreover, the IEA’s Government Director acknowledged, “In energy history, we’ve witnessed the Age of Coal and the Age of Oil – and we’re now moving at speed into the Age of Electricity, which will define the global energy system”.
Within the article, OPEC discusses the equity of those references to Age of Coal and the Age of Oil as “things of the past” contemplating that coal, oil and fuel collectively nonetheless make up about 80% of the worldwide vitality combine.
It additionally highlights that “energy sources exist in a mutually dependent relationship”, as a substitute of a locked “battle of competition and replacement”.
OPEC additionally challenges IEA’s perception that the World is ‘moving at speed’ in direction of a brand new Age of Electrical energy, because of the following issues:
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mass enlargement in electrical energy requires an exponential improve in demand for crucial minerals;
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an unprecedented enlargement of grid capability required, for which it quotes an IEA personal report that signifies that 80 million kilometres of energy traces might be wanted by 2040;
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electrical energy grid, insulating cables and transformer oils depending on important petroleum-derived merchandise;
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mining automobiles and gear depending on diesel; and
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metal and cement industries depending on coal.
Power safety is the final subject of the article, when OPEC remembers “the energy priorities of the 685 million people who still have no access to electricity and the 2.1 billion people who continue to rely on unsafe fuels for cooking differ vastly to those advocating which energy type to choose… For the just and sustainable energy future that we all aspire to, OPEC continues to advocate for an ‘all-peoples, all-energies and all-technologies’ approach”.
Click on on the picture under for this OPEC’s 18 October 2024 article.
OPEC is headquartered in Europe. After 5 years in Geneva, Switzerland, in 1965 OPEC was moved to Vienna, Austria. The group was initially fashioned by 5 oil-producing growing nations – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela – in Baghdad in September 1960 which was later joined by another nations. Click here for a brief history of OPEC.
And about IEA, listed here are two articles we posted in 2024:
