OPEC released a letter addressing a recent statement by the International Energy Agency that peak fossil fuel demand was near. The organization claimed that such allegations could lead to “chaos.”
It further adds that both peak supply and peak demand have been frequently predicted during previous years, yet neither has occurred thus far. The danger of such projections today comes from the fact that they are frequently made in conjunction with recommendations to halt the funding of new oil and gas projects.
Discussions on the peak demand for fossil fuels are primarily motivated by the necessity to combat climate change. This is because the main source of greenhouse gas emissions is fossil fuels. Fossil fuels, says OPEC, are a source of energy security and economic development that should not be ignored.
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