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IEA says global oil crisis has reshaped the fossil fuel industry

newsApr 25, 2026715

International Energy Agency chief Fatih Birol said the recent global oil shock has permanently changed investment and business logic across the fossil fuel industry. Birol told The Guardian that new North Sea developments would not materially lower oil and gas prices or improve the United Kingdom's energy security, and he urged the UK to largely forgo further North Sea expansion. He said from a business point of view making major new fossil exploration investments does not make sense for investors. That shift matters because it will steer capital toward clean energy, reshape national energy policy, and affect future fossil fuel projects worldwide.

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