Countries dependent on oil revenues for much of their budgets will become increasingly vulnerable to problems caused by the global energy transition, the head of the International Energy Agency, Fatih Birol, told Bloomberg in an interview.

The world will still need oil this year and next, and for years to come, but it will need less and less of it, Birol said, noting that government regulation was instrumental in cementing the global course to a more renewable energy future.

Birol’s comments came after the IEA reported it will later this year release the first comprehensive roadmap to net zero emissions by 2050. The roadmap, according to the report, “will set out in detail what is needed from governments, companies, investors and citizens to fully decarbonise

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