Oil prices have fallen to a 16-month low as major economies ramp up investments in renewable energy. Brent crude dropped to $68 a barrel this week, the lowest since late 2023.

Energy analysts attribute the decline to increased solar and wind adoption in China, the EU, and the US. Several oil companies are also diversifying into cleaner alternatives, signaling a shift in long-term energy strategies.

While consumers may benefit from lower fuel prices in the short term, oil-producing nations are bracing for economic adjustments.

Industry experts believe this could mark the beginning of a global transition away from fossil fuels.