Key energy agencies diverge as demand and oil prices climb

Leaders of the world’s most consequential energy bodies have gathered for a forum to discuss the uncertain future of oil

DUBAI, United Arab Emirates -- Leaders of the world's most consequential energy bodies gathered for a forum Wednesday to discuss the uncertain future of oil as demand rebounds and prices climb, all while a growing roster of nations pledge to transition to cleaner forms of energy.

The forum, which included speakers from the Organization of Petroleum Exporting Countries, the International Energy Agency and the International Energy Forum, presented varying forecasts for oil demand and discussed energy security and market stability.

Yet from the outset, the wider debate on how the world should best transition away from so-called dirty fuels and other sources of carbon emissions that pollute the air played out as speakers gave their remarks.

Major oil-producing nations, like Saudi Arabia and the United Arab Emirates, have long argued that a rapid energy transition away from the fossil fuels that they continue to rely on for revenue will impact global economic growth and hurt the world's poorest. Those backing a fast-tracked transition insist new investments in energy must go toward expanding existing wind and solar solutions and in funding innovative solutions if the world is to avoid catastrophic global warming levels. On both sides, however, there is agreement that the world is far from reaching sustainable targets as demand for energy grows.