Daily Caller Piece: Israel War Shows Energy Security Is More Important Than Ever

[Note: This story is also published at The Daily Caller]

After agreeing with Russia and other OPEC+ member nations to maintain ongoing supply cuts through the end of the year, OPEC officials upped its medium and long-term global crude oil demand projections as part of the group’s annual forecast for 2023. The head of the cartel also warned that ongoing efforts to subsidize a faltering energy transition away from fossil fuels to renewables into existence threaten to deprive the global oil industry of the investments necessary to maintain energy security.

“Calls to stop investments in new oil projects are misguided and could lead to energy and economic chaos,” OPEC Secretary General Haitham Al Ghais writes in the report’s forward. Ghais added to his written remarks during the event in Riyadh launching the group’s 2023 World Oil Outlook, saying, “Over the past year what is clear is that we have seen populations voice concerns about the costs and actual benefits of net zero targets. There are some who unfortunately continue to push the extremely risky narrative of dismissing oil with talk of oil demand dropping by almost 25 million barrels a day by the year 2030.”