Russian oil giant warns of oil shortage

Bloomberg

Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers channel funds into a “hasty” energy transition.
“The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said at the St Petersburg International Economic Forum. “The world consumes oil,
but isn’t ready to invest in it.” His comments echo those of Russian Deputy Prime Minister Alexander Novak, who rejected calls for a rapid shift away from oil and gas, saying starving the industry of investment would harm the global economy. But fossil-fuel
producers are facing mounting pressure to switch to cleaner forms of energy as governments step up efforts
to prevent damaging climate change.
“It shouldn’t be about rejecting oil, but
about rejecting crude from environmentally unfriendly projects,” Sechin said on an energy panel that also included BP CEO Bernard Looney and Glencore boss Ivan Glasenberg.
“Oil consumption will continue to grow despite a relative drop in its share in the global energy mix.”