OPEC warns on the dangers of abandoning fossil fuels; Could cause dire consequences for economies and billion of people

In response to the International Energy Agency's prediction that oil demand will peak before the decade's end, the Organization of the Petroleum Exporting Countries (OPEC) warned of the dangers of abandoning fossil fuels.

In a statement, OPEC Secretary-General Haitham al-Ghais said the abandonment of fossil fuels would cause energy chaos on a global scale, with dire consequences for economies and billions of people."

Image:  OPEC Secretary-General Haitham al-Ghais

According to the International Energy Agency, consumers will turn to renewable energy to combat climate change before 2030.

In contrast, OPEC warned on Thursday of the seriousness of these forecasts, describing them as contradicting data-driven projections, indicating that more than 80 percent of the global energy mix remains fossil fuels, the same level it was thirty years ago.

"Previous views that fossil fuel supplies or demand have peaked have proven incorrect," OPEC said.

"These expectations of peak oil demand are often accompanied by calls to stop investing in new oil and gas projects," OPEC added.

OPEC stated that the belief about peak oil demand was "ideologically driven, not fact-based," noting that the oil industry continues to make technological advances to reduce emissions.

It acknowledges the challenges faced by the world in eliminating energy poverty, meeting rising energy demand, and ensuring that the cost of energy remains affordable while reducing emissions. "OPEC believes all parties concerned should do the same and understand the realities of the energy landscape in the short and long term," Al-Ghais said in the OPEC statement.