OPEC Boss Says World Can’t Afford to Underinvest in Oil

VIENNA – OPEC General Secretary said consumers should prepare for further energy shortages unless the world increases investment in new oil and gas developments, the cartel’s first comprehensive response to increasing demands to limit such spending.

In May, the International Energy Agency, an energy watchdog for richer countries, said investment in new fossil fuel supply projects must stop immediately if the world is to cut net carbon emissions to zero by 2050. Meanwhile, major oil companies have taken steps to curb emissions and switch to renewable energy sources, spurred by pressure from investors, customers and, in some cases, governments and courts.

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