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Why The Bears Completely Missed The Mark On Oil Demand

Why The Bears Completely Missed The Mark On Oil Demand

Many industry observers were quick…

Asia Largely Dismisses IEA’s Bombshell Anti-Oil Report

Asian energy leaders have dismissed the International Energy Agency’s net-zero carbon report, saying there are many paths to reaching net-zero.

The IEA shocked the energy world on Tuesday with its Net Zero by 2050 report that suggested the world won’t need any additional oil and gas projects beyond what is already approved as of this year.  According to the IEA, the path to net-zero is narrow, and oil, gas, and coal aren’t on that path.

The report caused quite a stir, not the least of which came from several Asian countries that have high energy usage.

According to Reuters, Australian energy companies as well as officials in Japan and the Philippines, argue that there are many ways toward net-zero—not just those detailed by the IEA.

The IEA, however, claims its way is “the most technically feasible, cost-effective and socially acceptable” way.

Regardless, Akihisa Matsuda, deputy director of international affairs at Japan’s Ministry of Economy, Trade and Industry said that Japan doesn’t plan on immediately stopping oil, gas, or even coal investments, citing the need for energy security.

Philippines Energy Secretary Alfonso Cursi claims that stopping gall oil and gas financing without taking other things into consideration would prevent the nation from its upper-middle-income aspirations.

If the world did follow the net-zero 2050 path outlined by the IEA, in addition to driving less than 62 mph and setting air conditioning at more moderate rates, coal demand would collapse by 90%, oil demand by 75%, and natural gas demand by 55%.

“Achieving net-zero emissions by 2050 will require nothing short of the complete transformation of the global energy system,” the IEA said in its report.

It would appear that the Asian nations relying heavily on fossil fuels agree with that statement.

By Julianne Geiger for Oilprice.com

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  • DARYL MONTGOMERY on May 20 2021 said:
    It is estimated that there are at least 6.000 products that utilize oil for their production. What is to become of them if the IEA recommendations are followed? I am especially interested in the reduction or elimination of petrochemical stocks that are used to produce fertilizers, insecticides, herbicides, and fungicides. These have been the cornerstone of the Green Revolution that has saved hundreds of millions from starvation in the Third World since the 1960s. Are they now to go hungry and die? While the IEA's proposal threatens the FIrst World with a reduction in civilized amenities and quality of life, it threatens the actual lives of the world's poor.

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