The International Energy Agency has forecasted that demand for fossil fuels will peak before 2030.

“I don’t think they’re remotely right . . . You can build scenarios, but we live in the real world, and have to allocate capital to meet real world demands,” he said of the IEA’s projection in an interview with the FT.

If oil demand remains high into the next decade, as Wirth predicts, the deal could cement Chevron’s status in holding the levers of production. That’s a valuable position, even if today’s flaring geopolitical crises cool down.