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The original was posted on /r/worldnews by /u/GravityzCatz on 2023-10-02 19:48:47.
Head of OPEC warns of a ‘dangerous’ lack of investment in oil
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2023/10/02/energy/opec-dangerous-lack-oil-investment-oil-prices/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Brent crude oil, the global benchmark, has climbed 29% since a low in mid-June and last week traded near $97 a barrel — its highest level since last November — mainly on the back of extended output cuts by Saudi Arabia and Russia.
“By underinvesting, we are actually endangering energy security — the world will require at least $12 trillion of investments globally for the oil industry from now to the year 2045.”
The comments come just a week after the International Energy Agency predicted that global demand for oil, natural gas and coal was likely to peak by 2030.
Fatih Birol, the agency’s executive director, told reporters last week that, despite a huge expansion in renewable energy worldwide, limiting global warming to 1.5 degrees Celsius above pre-industrial levels — the threshold beyond which extreme weather will have a catastrophic impact — remained a “herculean task.”
Achieving that goal requires global demand for fossil fuels to plunge by 25% by 2030 compared with current levels, according to IEA projections.
Al Ghais said hitting that reduction target would be a “monumental challenge” given that fossil fuel consumption as a proportion of global energy demand had barely budged in 30 years.
The original article contains 496 words, the summary contains 199 words. Saved 60%. I’m a bot and I’m open source!