Warning of the head of the International Energy Agency to countries dependent on oil revenues

According to the Fars International Economic Group, quoted by Reuters, Fatih Birol, the head of the International Energy Agency, said that the profit of the oil and gas industry in the world has jumped from 1.5 trillion dollars in recent years to 4 trillion dollars in 2022.

Despite this gain, countries that depend on oil and gas revenues should prepare to reduce their dependence on oil because long-term demand for oil will decrease, Birol said at a conference in Oslo.

The head of the International Energy Agency added: Middle East countries in particular should diversify their economy. From my point of view, the Climate Summit (COP28) can be a great turning point for changing the destiny of Middle East countries.

He explained: You can no longer manage a country whose economy is 90% dependent on oil and gas revenues, because the demand for oil will decrease.

This year’s climate summit will be hosted by the UAE, a member of OPEC.

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