Energy executives warned at an international conference in Houston on Monday that rising energy prices could lead to a “disproportionate transition” to low carbon-carbon futures.
High fossil fuels “could jeopardize development of renewable energy options” Patrick Poyyan, CEO of Total Energy SE, told the World Petroleum Congress, Bloomberg reports.
He adds: “Some Asian countries may be discouraged by high energy costs as they switch from coal to gas.
According to Bloomberg, Saudi Aramco CEO Amin Nasser said renewable energy supplies were not strong enough to put fossil fuels aside.
According to Bloomberg, Aramco – Saudi Arabia’s state-owned public petroleum and natural gas company – is set to sell on Sunday next month.
Meanwhile, Anders Opedal, CEO of Norwegian oil giant Ecuinor SA, told the conference that rising energy prices were a sign of “unbalanced transition” to renewable energy.
The World Petroleum Congress is comprising less power-hungry executives and government ministers than expected in the rapidly growing CV-19 distribution, Reuters reported.
He pointed out that the recent differences will have an impact on the industry as it struggles with production losses due to natural gas and energy shortages in Asia and Europe.
Decades of high energy prices have recently seen a rise in new locks, although Saudi Arabia’s price hike rose on Monday, days after OPEC + agreed to increase production.
Western Texas Medium and Brent Crude both traded up 5% on Monday afternoon, selling for $ 69.72 a barrel and $ 73.36. Meanwhile, natural gas has fallen from 11 percent to $ 3.68.