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World Must Spend $540 Billion a Year Looking for Oil and Gas, IEA Says
The world needs to spend some $540 billion a year looking for oil and gas to maintain current output by 2050, according to the International Energy Agency.
The world needs to spend some $540 billion a year looking for oil and gas to maintain current output by 2050, according to the International Energy Agency. While global spending is likely to hit $570 billion this year, the amount would be down slightly from 2024, Christophe McGlade, head of the IEA’s energy supply unit, said on a webinar. The outlook means that companies will need to tap reserves that haven’t yet been discovered, unless demand shifts away from fossil fuels.
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