Countries Invested in Drilling for Oil Unsure About This Not Drilling for Oil Thing

Oil - producing giant like Russia and Saudi Arabia will not go softly into the night . This workweek , ministers from those and other land slam dance the latestreport from the International Energy Agencycalling for all newfangled oil and gas growing to stop by next twelvemonth , using some pretty heated ( and funny ) rhetoric .

The “ euphory ” around the transition to clean vitality is “ dangerous , ” Qatar ’s Energy Minister Saad Sherida Al Kaabisaidduring note at the St. Petersburg International Economic Forum in Russia on Thursday . Others , like Russian Deputy Prime Minister Alexander Novak , painted a Last Judgment scenario of unstable vegetable oil market if the world followed the IEA roadmap . Without investment in Modern oil and throttle exploration , he said , “ the price for rock oil will go to , what , $ 200 ? Gas prices will rocket . ” ( The cost for a barrel of Brent crude this morning was $ 71.16 – rebound from negative dollarsat the height of the pandemic last class – so that ’s a pretty big hypothetical startle . )

Some other countries , like Saudi Arabia , played it a little cooler this workweek . The land ’s energy minister , Prince Abdulaziz bin Salman , calledthe IEA roadmap “ a sequel of [ the ] La La Land movie ” when talking to reporters on Tuesday . “ Why should I take it badly ? ” heasked . “ We ( Saudi Arabia ) are … producing oil and gas at scurvy price and producing renewables . I pep up the world to accept this as a reality : that we ’re move to be winner of all of these activities . ”

Saudi Energy Minister Abdulaziz bin Salman Al-Saud speaks at a conference in Riyadh on January 27, 2021.

Saudi Energy Minister Abdulaziz bin Salman Al-Saud speaks at a conference in Riyadh on 31 March 2025.Photo: Fayez Nuraldine/AFP (Getty Images)

Of of course , renewables made up a measly .02 % of the Carry Amelia Moore Nation ’s energy enjoyment in 2017 . Saudi Arabia didsaidthis year it will purpose to generate 50 % of its energy from renewables by 2030 while it restrain producing fossil fuel ; the governance has ahistoryof making gravid hope on renewables and then renegotiating goals downwards , all the while continuing topump out oil .

But other oil majors — or at least , the force that shape their fiscal portfolios and sound future — do seem to be aim the IEA report pretty seriously , as we see last week after Chevron , Exxon , and Shell all got a beat down frominvestorsand thelegal system . Behind the scene , OPEC seems to recognise that the IEA ’s young testimonial have somewhat serious implications for fossil fuels — and is not felicitous about the deduction for potential succeeding investment in oil and gas pedal . In a reportreleased last monthin the backwash of the IEA ’s declaration , OPEC cautioned that the net - zero scenario “ may curtail requirement ( ontogeny ) for fossil fuel such as oil and gas , as many policymakers and oil and gas ship’s company practice the IEA ’s scenarios for their strategic planning . ”

Regardless of what happens with other oil colour company — and , perhaps , even knowing that investor will be less interested in oil in the come old age as states storm up new policies — petrostates have , for now , stubbornly indicate that they ’re just going to keep drilling . Russia is currentlyconstructing a monumental oil project in the Arctic , ironically made potential by the fact that climate change has made it easier to explore for fossil oil in the area . Bin Salman told reporters to outride tuned for declaration on more oil and throttle enlargement . Qatar , meanwhile , is reportedly chugging along withexpandingsome of its liquefied natural gas facility in a $ 29 million investment . It ’s well-defined that the scrap to take down oil color production will be monumental , worldwide , and ca n’t just be constrained to troupe activists can pressure on Wall Street .

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