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Oil And Gas
As the global energy system undergoes profound change, maintaining energy security remains essential. In many regions, oil and gas continue to serve as reliable, scalable, and affordable sources of energy. Ensuring stable supply while emissions are reduced and cleaner alternatives are developed is critical to achieving orderly and inclusive transitions.

Oil and Gas

Oil and natural gas have long been pillars of the global energy system, fuelling economic growth, enabling industrial development, and shaping modern societies. While the structure of energy demand continues to evolve, hydrocarbons are expected to remain a major part of the energy mix for decades to come. Most international outlooks project that oil and gas together will contribute between 47% and 54% of global energy supply through 2040, even as investment in renewables accelerates and cleaner technologies scale.

From powering transport and trade to enabling manufacturing and petrochemical production, oil has supported the world’s expanding population and rising living standards since the early 20th century. Natural gas, whose global production has more than tripled since the 1980s, plays an increasingly important role in electricity generation, industrial use, and heating, especially in economies seeking to reduce emissions and transition from higher-carbon fuels.

The COVID-19 pandemic served as a stark reminder of the fragility of energy systems. In early 2020, global oil demand fell by over 20 million barrels per day - the sharpest contraction ever recorded, highlighting the interconnected nature of energy markets and the importance of resilience and coordination. Recovery from such shocks depends not only on supply stability but also on sustained investment, flexible infrastructure, and robust dialogue.

As the global energy system undergoes profound change, maintaining energy security remains essential. In many regions, oil and gas continue to serve as reliable, scalable, and affordable sources of energy. Ensuring stable supply while emissions are reduced and cleaner alternatives are developed is critical to achieving orderly and inclusive transitions.

The International Energy Forum provides a neutral platform for producers and consumers to engage on these complex issues. Through open dialogue and collaborative analysis, the IEF supports informed decision-making on investment, market stability, and transition pathways, helping to ensure that the global energy system remains secure, inclusive, and responsive to the challenges ahead.

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