Investment in fossil fuels will fall this year for the first time since the Covid pandemic, according to the International Energy Agency (IEA), led by a contraction in the oil sector where a sharp drop in prices is forcing companies to reassess their plans.
In its annual report on money flowing into the energy sector, the IEA predicted a 6 per cent drop in spending on oil production this year. Excluding the Covid-19 pandemic years, it will mark the largest fall since 2016, when oil prices crashed below $30 a barrel.
“This is the first time we have seen such a decline, except for Covid, because of lower prices and lower oil demand,” said Fatih Birol, the head of the Paris-based intergovernmental energy advisory body.
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