How the Iran war aftershocks are hitting oil, coal, climate
Summary
The ongoing conflict in Iran has led to lower global oil use this year and increased coal use in parts of Asia. UN climate talks are using the crisis to promote clean energy goals for the future.Key Facts
- Global oil use is expected to drop by 1.1 million barrels per day this year before rising again next year.
- High fuel prices and less fuel availability have lowered oil demand worldwide.
- U.S. oil production is projected to grow from 13.7 million barrels per day this year to nearly 14.2 million barrels next year.
- UN climate officials at talks in Germany are pushing for more clean energy as part of their response to the crisis.
- Turkey, hosting the UN climate summit in November, aims for 35% of electricity to come from clean energy by 2035.
- Coal use is rising sharply for electricity in the Asia-Pacific region due to problems with natural gas supplies and higher gas prices.
- Despite coal’s short-term increase, analysts expect the conflict to also speed up the switch to renewable energy and energy storage worldwide.
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