06:00 AM EDT, 03/12/2024 (MT Newswires) -- Despite the goal to transition away from fossil fuels to avoid the worst impacts of global warming, the world's dependence on oil remains deep-rooted and supply disruptions can still cause significant negative impact, the International Energy Agency said in a Monday commentary.

Global oil consumption reached a record high in 2023, but oil dependence is set to weaken further in the coming years as the clean energy transition continues to gather pace, the IEA noted. However, the threat posed by oil supply disruptions is not expected to disappear any time soon, the agency said.

Oil supply disruptions are more likely to occur in the coming decades due to elevated risk of supply-demand imbalances, increasing supply concentration for crude oil and oil products, a highly uncertain geopolitical outlook, extreme weather events and other risks, according to the IEA.

The most effective means to secure energy security is still to reduce dependence on fossil fuels and promote the uptake of clean energy solutions. However, this journey may not be a smooth one. Maintaining a sharp focus on oil security and emergency preparedness will therefore be critical throughout clean energy transitions globally, the agency said.