If you read the report you understand why OPEC specially Saudi Arabia has started increasing their production and are no longer are curtailing it. They see the writing on the wall that oil will no longer be economically viable for most uses against renewable over time. And holding back oil will mean they will be left with trillions of stranded assets so better to keep pumping it and price low enough that the price is not viable for other oil producers.
China will be interesting to see in the next 5 years as they electrify more more of their economy while installing renewable at break neck speed.
If you read the report you understand why OPEC specially Saudi Arabia has started increasing their production and are no longer are curtailing it. They see the writing on the wall that oil will no longer be economically viable for most uses against renewable over time. And holding back oil will mean they will be left with trillions of stranded assets so better to keep pumping it and price low enough that the price is not viable for other oil producers.
China will be interesting to see in the next 5 years as they electrify more more of their economy while installing renewable at break neck speed.