Petro-States Have Got a Problem With Their Economies
- Countries dependent on crude revenue must diversify, IEA says
- Revenue from oil and gas could fall by $7 trillion by 2040
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Countries heavily reliant on oil and gas for revenue must diversify their economies or face worsening finances, the International Energy Agency warns in a new report.
While revenue for petro-states has always fluctuated in boom-and-bust price cycles, this time is different. Surging U.S. shale production, the expansion of renewables and increases in energy efficiency pose a more fundamental challenge.