Saudi Arabia & Russia warn of major oil supply crunch without new investments in fossil fuels ...News

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Saudi Arabia & Russia warn of major oil supply crunch without new investments in fossil fuels
The leaders of the OPEC+ group, Saudi Arabia and Russia have warned that an imminent supply crunch is inevitable if the world fails to invest enough in new oil and gas projects. The debate about emissions reduction and the path forward for oil companies moved to a whole new level since the International Energy Agency (IEA) dropped last month the bombshell report suggesting no new investment in oil and gas would be needed if the world is to reach net-zero emissions by 2050. Environmentalists and activist shareholders intensified pressure on large public oil firms to align their businesses with a net-zero scenario, while some of the inte

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