Economic case for a major energy transition is clear
Oil and gas must face climate change head on
Pushing for more fossil fuels is counter-productive to hydrocarbons’ important long-term role
The IEA has faced an onslaught of criticism from both the left and the right of the political spectrum since the publication of its Net Zero by 2050: A Roadmap for the Global Energy Sector report in May 2021. However, the fiercest criticism has come—directly or indirectly—from some quarters of the oil and gas industry itself: from Saudi oil minister Prince Abdulaziz bin Salman calling it “La La Land” to the report by the Energy Policy Research Foundation (EPRF) labelling it as a “seal of approval… to block investment in oil and gas production by Western companies”. The EPRF describes itself as a “not-for-profit organization that studies energy economics and policy issues with special emphasi
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
