The world needs to develop new oil and gas resources just to keep output flat amid faster declining rates at existing fields, the International Energy Agency (IEA) said on Tuesday in a major shift in its narrative from 2021 that ‘no new investment’ is needed in a net-zero by 2050 scenario. The rates of decline at operating oil and gas fields have accelerated in recent years, largely due to higher reliance on shale and deep offshore resources, said the IEA. The agency is under pressure from the Trump Administration to return to its core…
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