{"id":1440910,"date":"2023-11-28T00:00:00","date_gmt":"2023-11-28T05:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1440910"},"modified":"2023-11-28T00:00:00","modified_gmt":"2023-11-28T05:00:00","slug":"opec-slams-iea-over-moment-of-truth-for-oil","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/opec-slams-iea-over-moment-of-truth-for-oil\/1440910\/","title":{"rendered":"OPEC Slams IEA Over &#8220;Moment Of Truth&#8221; For Oil"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">OPEC Slams IEA Over &#8220;Moment Of Truth&#8221; For Oil<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><em>By Charles Kennedy of <a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/OPEC-Slams-IEA-over-Moment-of-Truth-for-Oil.html\">OilPrice.com<\/a><\/em><\/p>\n<p>Days after the International Energy Agency <strong>(IEA) said that the oil and gas industry faces \u201ca moment of truth\u201d in choosing between fueling climate change and becoming a part of the solution<\/strong>, OPEC <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/7262.htm\">criticized<\/a> the agency for vilifying the industry and for playing down energy security and affordability.<\/p>\n<p><em><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/opec%20teaser%20hq.jpg?itok=ejeh7w3m\"><\/a><\/em><\/p>\n<p>Last week, the IEA published a report <a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/IEA-Big-Oil-Faces-Moment-of-Truth-Over-Renewables-Investment.html\">saying<\/a> that a \u201cmoment of truth\u201d is coming for the oil and gas industry as most companies are watching the energy transition from the sidelines, with oil and gas producers accounting for only 1% of total clean energy investment globally. \u00a0<\/p>\n<p><em>\u201cProducers must choose between contributing to a deepening climate crisis or becoming part of the solution by embracing the shift to clean energy,\u201d the IEA <a href=\"https:\/\/www.iea.org\/news\/oil-and-gas-industry-faces-moment-of-truth-and-opportunity-to-adapt-as-clean-energy-transitions-advance\">said<\/a>.<\/em><\/p>\n<p>Commenting on the report, OPEC Secretary General Haitham Al Ghais said in a statement on Monday,<\/p>\n<p><em><strong>\u201cIt is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a \u2018moment of truth\u2019.\u201d<\/strong><\/em><\/p>\n<p><em>\u201cThe manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic to say the least. OPEC itself is not an organization that would prescribe to others what they should do,\u201d Al Ghais said.<\/em><\/p>\n<p>OPEC also criticized the agency for describing carbon capture utilization and storage (CCUS) an \u201cillusion\u201d.<\/p>\n<p>Al Ghais concluded: <em>\u201c<strong>We do see a \u2018moment of truth\u2019 ahead. We need to understand that all countries have their own orderly energy transition pathways,<\/strong> we need an assurance that all voices are heard, not just a select few, and <strong>we need to ensure that energy transitions enable economic growth, enhance social mobility, boost energy access, and reduce emissions at the same time<\/strong>.\u201d<\/em><\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Mon, 11\/27\/2023 &#8211; 19:00<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/markets\/opec-slams-iea-over-moment-truth-oil\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/markets\/opec-slams-iea-over-moment-truth-oil<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC Slams IEA Over &#8220;Moment Of Truth&#8221; For Oil By Charles Kennedy of OilPrice.com Days after the International Energy Agency (IEA) said that the oil&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1440910","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1440910"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440910\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1440910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1440910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1440910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}