The world is using more oil and gas. This is bad for climate targets. Countries promised to use clean energy. However, they are using fossil fuels more. This is because of economic needs.
More liquid natural gas (LNG) projects are approved. By 2030, there will be more LNG to export. US companies want to make money from this. But analysts say demand for LNG is not sure. This could cause problems later.
Europe is seeing lower gas prices. Prices dropped below $10 per mmBTU. They might go down more next year. This is good for people and businesses. However, it makes it harder for the EU. The EU wants to stop using Russian gas.
Oil countries are also producing a lot. Saudi Arabia will produce more gas soon. OPEC+ countries will keep oil production the same. People will still use oil for many years.
The International Energy Agency (IEA) thought there would be too much oil. Now, this seems less likely. US oil production might be lower. But US companies are still producing oil well.
Politics also affects oil prices. The US is watching oil tankers. Interest rate changes can also affect oil prices. This makes oil prices uncertain.
The main reason for using more fossil fuels is "energy pragmatism." Governments are worried about high electricity costs. They want to help their economies. Some countries are changing climate rules. Renewable energy can be expensive for constant power. Energy security and low prices are important. This is why the world is not focusing only on reducing emissions. It is harder to reach net-zero emissions by 2050.