The IEA's Warning To Oil Producers

Zero Hedge -

Zero Hedge—Authored by Tim Daiss via Oilprice.com, In disconcerting news for major oil producing countries, particularly production heavyweights Saudi Arabia and Russia, the Paris-based International Energy Agency (IEA) said on Thursday that the world’s largest oil producing nations are under unprecedented pressure to cut their reliance on energy revenues amid advances in fuel efficiencies and that electric vehicles threaten to undercut demand and erode their finances. The IEA’s special report focuses...

Saudis, Other Big Oil Producers Face Pressure to Diversify, IEA Says. Saudi Arabia and other oil-dependent economies have no choice but to diversify their economies as the challenges they face will deepen even if oil prices remain elevated, a report by a top energy body said Wednesday.