IEA: Oil recovery lulls producer nations into economic stupor

Hydrocarbons-dependent nations need to diversify their economies fast to make up for future revenue shortfalls

The return of oil prices to levels more redolent of the pre-2014 era has given the world's leading oil producing nations some economic respite. But new industry analysis warns they are inviting economic disaster by relying on hydrocarbons income in a future of uncertain energy demand. The International Energy Agency (IEA) released a report this week that finds some of the biggest producers will need to diversify in preparation for a slowdown in oil demand growth in the 2020s. It focuses on the likely impact of changing oil demand in the period to 2040 on six major producers—Iraq, Nigeria, Russia, Saudi Arabia, the United Arab Emirates and Venezuela. These countries will face rising competiti