IEA: Oil recovery lulls producer nations into economic stupor
Hydrocarbons-dependent nations need to diversify their economies fast to make up for future revenue shortfalls
The return of oil prices to levels more redolent of the pre-2014 era has given the world's leading oil producing nations some economic respite. But new industry analysis warns they are inviting economic disaster by relying on hydrocarbons income in a future of uncertain energy demand. The International Energy Agency (IEA) released a report this week that finds some of the biggest producers will need to diversify in preparation for a slowdown in oil demand growth in the 2020s. It focuses on the likely impact of changing oil demand in the period to 2040 on six major producers—Iraq, Nigeria, Russia, Saudi Arabia, the United Arab Emirates and Venezuela. These countries will face rising competiti
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
