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

VIENNA—OPEC’s secretary-general said consumers should brace for more energy shortages unless the world boosts investment in new oil-and-gas development, the cartel’s first, full-throated response to increasing calls 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 immediately cease if the world is going to slash net carbon emissions to zero by 2050. Meanwhile, big oil companies have made moves to curb emissions and pivot toward renewable energy sources, spurred by pressure from investors, customers and in some cases governments and courts.

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Source:" WSJ "

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