IEA: Too early to write obituary for oil

Oil shouldn’t be written off too early, despite the expected sharp rise in gas and renewables over the next 25 years.

This is according to the International Energy Agency which forecasts that over the next 25 years, the growing energy needs will be met by renewables and gas first.

In its World Energy Outlook 2017, the organization said the energy market transformation would be spurred by the deep declines in the cost of renewables and growing electrification, also boosted by a client and more diversified energy mix in China.

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