The latest projections from the International Energy Agency (IEA) suggest that demand for oil, gas and coal will peak before 2030.
“This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated,” Fatih Birol, executive director of the IEA, wrote in an op-ed published in the Financial Times.
That forecast does not sit well with the Organization of the Petroleum Exporting Countries (OPEC).
“It is an extremely risky and impractical narrative to dismiss fossil fuels or to suggest that they are at the beginning of their end,” OPEC said in a statement.
“In past decades, there were often calls of peak supply and in more recent ones, peak demand, but evidently neither has materialized. The difference today, and what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects.”
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According to OPEC Secretary General Haitham al-Ghais, the IEA’s claims could have significant global repercussions.
“Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world,” al-Ghais said.
OPEC argued that the IEA’s reasoning on fossil fuels is “ideologically driven” instead of fact-based. It also noted that fossil fuels still make up more than 80% of the global energy mix and that they provide “vital” energy security for the world.
OPEC’s statement came on the heels of recent surges in oil prices. If you share this perspective on the enduring importance of fossil fuels, you might want to pay close attention to oil stocks. Here’s a look at three that Wall Street finds particularly attractive.
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Exxon Mobil Corp. (NYSE:XOM)
Commanding over $450 billion of market capitalization, Exxon Mobil is one of the largest players in the global oil and gas industry.
Shares enjoyed huge rallies in 2021 and 2022. And the latest rise in oil prices seems to give the stock more upward momentum: Over the past…
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