The U.N. is calling on the U,S.
and other world powers to use the oil supply as a bargaining chip in the negotiations over a landmark climate agreement.
The International Energy Agency’s World Energy Outlook for the 21st Century project that the world’s top exporters could have enough oil to feed everyone by 2050 if they adopted new market and efficiency standards.
In its report released Tuesday, the IEA noted that most of the world already relies on oil from other sources, including Russia and Saudi Arabia.
And it warned that global emissions of greenhouse gases from oil-fired power plants could peak around 2030 and continue to fall.
The IEA also called on countries to develop alternative energy sources, such as wind and solar, and to reduce the reliance on fossil fuels.
But those steps would only have a limited impact on oil production, which would still be dominated by the U’s shale oil boom.
Saudi Arabia and Russia were already the top two producers of oil and gas in the world, and their market share could fall as well as their share of global production.
The IEA forecast that the United States and other big oil exporters would see their market shares fall by as much as 25 percent by 2050.
Saudi officials have said they plan to phase out all coal-fired and gas-fired electricity plants by 2025 and are pushing for more efficient, renewable power.
In its report, the agency called for new investments in clean energy, including by reducing carbon emissions.
The report said a shift to renewables would have “significant” benefits for the environment.
The United States is also pushing for new emissions-reduction targets and a new global agreement on climate change, but it is not yet clear whether the Paris climate agreement will help.