The key driver of change in the global market is not climate change or the political chaos affecting oil producers in the Middle East and elsewhere, or the fall in the cost of renewables. All those things matter, of course, but their impact is minimal compared with
the shift in the geography of supply and demand that has transformed the market in the last decade and will continue to do so.
That is the most interesting message from the new edition of the International Energy Agency’s annual World Energy Outlook published last week.
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