GLOBAL OIL, GAS DEFICIT
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Igor Sechin, CEO of Russia's largest crude producer Rosneft, warned June 5 that the world risks a shortage of oil, as climate concerns hit investments in fossil fuels.
"The long-term stability of oil supply is at risk due to underinvestment. This is due to both requirements of various stakeholders to completely cease investments in the petroleum sector and the aspirations of majors to increase shareholder value and shareholder returns through stronger dividend payout and share buyback," Sechin said during a panel session at the St Petersburg International Economic Forum.
Sechin urged the industry to prepare for oil demand recovery in the wake of the pandemic and said that while new waves of the pandemic may slow down the recovery process, they will not stop it.
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