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beg the question of why it is necessary to boost production at all if demand is indeed so much weaker than before. The answer was recently provided by none other than the head of the International Energy Agency, Fatih Birol.

At CERAWeek, Birol said that the world needs upstream investments in existing oil and gas fields to support global energy security. Many saw these remarks as a stark departure from his usual refrain over the past few years, which has focused on the perceived success of the energy transition that would eliminate the need for hydrocarbons pretty soon. Indeed, that’s exactly what they were.

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