Critical minerals are the new battlefront of energy security, says IEA chief
Average market share of top 3 mining countries for key energy materials has risen from 73% in 2020 to 77% in 2024
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[PARIS] Energy security remains a pressing issue, but the battleground is shifting from oil and gas towards critical minerals, said Fatih Birol, executive director of the International Energy Agency (IEA).
Speaking at the Amundi’s World Investment Forum in Paris, he noted that oil is tilting towards a situation of oversupply, which has reined in its price even amid war. Weaker oil demand is also due to surging demand for electrification, particularly for data centres – and clean energy sources at that.
“Global electricity demand is growing much faster than in previous decades. A year ago, I said we’re entering the age of electricity. Oil demand is slowing considerably.”
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