WSJ News Exclusive | The OPEC chief said the world could not afford to invest in oil

According to VNA and OPEC Secretary General, consumers should support more energy shortages as long as the world does not support investment in new oil and gas development, a growing call for limiting such costs.

In May, the International Energy Agency, which regulates energy for the rich, said investment in new fossil fuels should stop immediately if it reduced its carbon emissions to zero by 2050. Meanwhile, large oil companies have taken action. Under pressure from investors, consumers and in some cases governments and courts to curb access to renewable and renewable energy sources.

If all that leads to lower investment in acquiring and dumping new crude and natural gas deposits, it will further jeopardize the current energy-price volatility, said Mohamed Barcino, head of the Organization of Petroleum Exporting Countries. , In an interview.

“The energy crisis in Europe and in many parts of the world is a wake-up call,” he said.

Natural gas prices have risen amid low productivity in the United States and Europe; Meanwhile, world oil prices have risen this year, and are nearing a three-year high.

During the worst months of the epidemic, economies will return after sunset, and the global power crisis will come at an alarming rate. Mr Barsino, for his part, said previous investments in fossil fuels, and today’s push to further block new investments, would exacerbate shipwrecks.

OPEC, a group of some of the world’s largest producers, is expected to invest $ 1145 trillion in oil and gas earlier this week to meet growing global demand.

A.D. Mr Barusino said oil and gas investment would have fallen by 20% by 2020. “We need to mobilize more capital in order to renew the production cycle,” he said, noting that the industry has not fully recovered from the previous inflation period between 2015 and 2016.

“You have a power transfer in that contract,” he said. “An international campaign has been launched,” Baruchino said [against] To extract oil and gas from investors in the oil industry.

OPEC is set to meet on Monday to decide whether or not to release more dumplings. At the start of the epidemic, Cartelian and the Russian-led Partnership Group significantly reduced production to stabilize losses. In recent months, the two groups have been working together to gradually restore that effect.

Mr Barcino’s call for more oil and gas investment comes for the first time since the 2015 Paris Agreement on Climate Change. Governments will meet in Glasgow, Scotland to discuss ways to reduce greenhouse gas emissions. , Most scientists have contributed to warming the planet above pre-industrial levels.

Mr Barusino said the decision to reduce oil, gas investment risk in Glasgow, contribute to inflation and exacerbate energy poverty around the world.

“Extreme poverty is rampant in our region,” said Mr. Barupeno, from northern Nigeria. He said that in the developing world, there is no single source of energy that can satisfy the thirst for energy. We hope Glasgow will bring this issue back to the front burner. Climate and energy poverty must be addressed. ”

The purpose of the Glasgow Summit is to “greenhouse gas emissions, but not to exclude them from any energy source.”

Write Benoit Faucon at benoit.faucon@wsj.com and Summer Said at summer.said@wsj.com

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

.

Leave a Comment